The meaning.

Camera pans to bobby standing next to sub; while sub is flicking the back of bobbys head before bobby even see's subs hand move.
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Bobby: Well sub, it looks like you get the crimson rebel tonight, any comments before you go out there?
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subsays: Sure Booby, or whatever your name is: I have a comment or two. First, Crimson Rebel??? What is that, a red rebel? A fire rebel? Rebeling agains fire? None of that is what it takes to win in the ring. I have pyros for my entrance, is he going to picket that? Start a rebel alliance against fire in the entrances?
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Bobby: Well I don't think sub....Subsays: That is right Bobby, you aren't paid to think! See, right there on your card it doesn't say think about what sub says and ask a different question, Now just read the next prepared question please!...Bobby: I don't know what Crimson Rebel means sub:
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Subsays: I know you don't Bobby: And I know I am going to turn the Crimson Rebel into a Crimson Mask tonight. We will change his name to Crimson Mask. At least then we will understand what the heck his name means! Consider it a public service I perform tonight!
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Sub biatch slaps Bobby one more time as Bobby looks around for what just happened. The Camera fades as sub holds a crimson mask up to the camera. Bobby can be heard stating he needs to go find Crimson Mask...errrrrr...Rebel.

As Bobby soon learns Crimson Rebel isnt hard to find. Just go backstage and listen for the sound of his voice.
Bobby: Crimson Rebel, did you hear what Submarine guy just said? Any comments?
Crimson Rebel: Oh i was listening to old Aquaman there. Didn't understand a thing he said, cause hey I dont speak jellyfish. It was like listening to a drunken guy with a stuttering problem and a lisp. All I caught was something about a name change. Take the hook out of your mouth first next time fishface. If anyone is going to change their name it's you. How about Flipper? That suits him well.
Bobby:He's not going to be happy with that.
Crimson Rebel: I'm not here to make him or anyone else happy. I'm here to cause trouble. Tonight that chum eating freak and his whale of an old lady are both going to have a reason to drink like a fish.
Bobby: Well, you heard it here first. That's all I can say.