This is a Translucent Red Argentina Vampire. Unlike the base color Argentina that I have come across, it is made of rubber. It is also bigger that the base color Argentina figures:
This is my first Translucent Argentina figure, but I will be adding comparison shots with any others I acquire to see if they are all like this.
I am an avid MIMP hunter. I have been collecting these figures for 25 years though I am still learning new facts about them daily.