Stir peppers into wine. Cover and let stand at least 3 hours. While peppers are marinating, prepare jars (see note). String wine into 3-quart saucepan; stir in sugar and food colors. Heat over low heat, stirring constantly, until sugar is dissolved, about 5 minutes. Remove from heat. Immedately stir in pectin; skim off foam. Fill jars and seal with paraffin. Serve as an accompaniment to meat. NOTE: To prepare jars, place clean jelly jars with folded cloth on bottom. Cover with hot (not boiling) water and heat to boiling. Boil gently 15 minutes; keep jars in hot water until ready to use. When ready to fill, remove jars from water and drain.