A red light hovered and vanished in the sky just outside of Cisco, TX at aprox. 6:55 pm.I was driving on I 20 toward Dallas and I was about just outside of Baird about five minutes away from Cisco. At around 6:55 pm I saw something shoot across the sky and thought it was a plane on fire because ther were several flying around than night...I just figured it was Dyass AFB doing test runs. When I looked again I saw this red light just hanging in mid-air, this was no airplane...it hovered there for a second and I could see a small white light underneath the red light and some kind of haze around both of them. Then the object shot straight toward down and disappeared probably about ten feet before hitting the ground. I nearly had a wreck trying to pull over and see if I could see it again. I found my video camera and filmed the sky for about five to seven minutes but never saw it again. I saw no evidence of any kind of crash or anything. It was the most amazing thing I have ever seen in my entire life.