Unidentified Floating Object

So Murphy and I began our nightly walk outside for him to relieve his bladder before bed, and something in the sky caught my eye (but not quite like a big pizza pie). It kind of looked like a blimp. A gray-ish shape with a strobing red light and a bright white light at its edge. The only thing was that the more I looked at it, the more irregular it seemed, and the less it seemed like it was moving. And what in the world would a blimp be doing in the Central Illinois sky at midnight?

So I kept my eye on it for about 10 minutes as I walked around. It didn't move at all. Being the nut-job that I am, I figured that I'd try to catch this little spectacle on camera. You know, so if it started zipping around, I'd have the shaky amateur video to sell to UPN or something. I went inside, got my camera out, and after a couple unsuccessful attempts to leave without Murphy making a fuss that could potentially wake Susan, I leashed him up again and took him downstairs. I looked to the sky, but now all I saw were boring old stars. And the moon, of course (which, incidentally, did hit my eye like a big pizza pie). Yeah, it's an anticlimax - sorry about that. But where did my UFO go?? I couldn't have been the only one who saw it tonight. It was in the south sky. Anyone...? Anyone...? I really don't want to think that I was hallucinating.