turn off breaker, test with meter to make sure it is off, remove wires from old outlet, put white wire on nuetral screw, black and red go on hot screws.
This sounds like an AC wall outlet. You should consult a licensed electrician, because this voltage has a potentially lethal shock, and can cause fires if wired improperly.
yes, first you need to buy a new outlet, make sure you turn the switch for that room off then strip the wires on both ends, soder together seal with electrical tape and seal back in the wall and your set