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The red light indicating that the lamp needed to be replaced was on, so we purchased a replacement lamp and installed it according to instructions, which were very simple. However, after plugging tv back in and pressing reset button, the red lamp indicator light continues to stay on and no tv.... please help??!!!!

Hello,
Sometimes the lamps ballast goes out after you replace the lamp. The ballast essentially is responsible for powering up the lamp, since it is the second most popular consumable part in your TV, I would strongly advise you consider replacing it. It is relatively inexpensive and easy to do, there is a guide on this site http://www.fixyourdlp.com/guides/guides.php

Hope this helps!