If you are not comfortable doing the repair yourself, you can always send it to someone to have it repaired. I'm not sure what your location is, but I will do the repair for free for you, if you'll cover the shipping both ways.
If you want to try it, then yes, you can order a red switch from WASD and replace it. The LED will be the hardest thing to desolder. You will need a 45W desoldering iron with the bulb from Radio Shack at minimum. Also pick up a 15W grounded soldering iron while you're there, and some .032 diameter rosin core solder. What you want to do is add some solder to the solder joints of the LED. Heat the joint until the solder melts, then flow a tiny bit of solder into the joint. Then you can use the desoldering iron to heat the joint and suck the solder out. If you don't do the step where you add more solder, you'll have a hard time of it. Next, desolder the solder joints of the switch. You might also have to add more solder to these as well. Once the solder pads are clean, remove the LED first. If it doesn't want to come out, you may have to apply heat with the iron to the solder joints while you pull the LED from the other side with some pliers. Once the LED is out, the switch will come off easily. Do this in reverse to install the new switch. The LED will fit in the new switch just the same as it did in the old one. Solder it, using very little solder, and you're done. Test to make sure it worked.
Edit: Just realized you said this was for a Race. The switch you will need for a Race is a PCB mount switch, but the ones WASD sells are all plate mount switches. Part number MX1A-XXNN tells you it is plate mount. It would be MX1A-XXNW for PCB mount. I can send you a red PCB mount switch if you want to attempt the repair yourself.
