G*A*S*P!!!!
The sky is falling!!!
No, not really.
The moon will turn shades of amber and crimson, in the first total lunar eclipse in three years.
The eclipse will be at least partly visible from Asia to the Americas, although residents of Africa, Europe,
and the Middle East will have the best view.

Lunar eclipses happen when the earth passes between the sun and the moon, blocking the sun's light.
This is rare, because the moon spends most of it's time either above or below the plane of the earth's orbit.

Although it will pass completely under the Earth's shadow, light from the sun will still reach the moon after being refracted through the Earth's atmosphere, giving it an eerie dark-reddish tinge.
eastern Australia and New Zealand will miss the show all together.
The next total lunar eclipse will occur on August 28th.

If you would like more info, visit these sites.

http://news.yahoo.com/s/ap/20070302/ap_on_sc/lunar_eclipse;_ylt=AqY2Eby3PO.F46V9fiW8jzlxieAA

or,

http://sunearth.gsfc.nasa.gov/eclipse/lunar.html