>Ted said. "I'm Blue and they're both Red."
>
>Ned said "I'm ... " but the rest was blown away by a sudden gust of wind.
>
>Fred Said. "He said he's Blue. That's true. I'm Blue too."
>
>The captain frowned uncertainly and called on his trusty advisor < you > to determine which if any should be rescued.
>
>Of the three which one(s) do you tell him to rescue and why?
>

Assumption: EVERY complete sentence is True or False.

Then, logically looking at the sentence construction:

Ted   [T and T = T] or [F and T = F] or [T and F = F] or [F and F = F]

Ned   unknown

Fred  All 3 sentences must be True or all 3 must be False because they are
      separate sentences, unlike Ted's sentence.

If Fred is Blue, then Ned is Blue and Ted is Red. If Fred is red, then Ned is red and Ted is blue. For Ted the combination of F [I'm Blue] and T [They're both red] is not a possibility. Likewise for the T and F combination. You are left with:

Ted   [T and T = T] or [F and F = F]

Ned   unknown

Fred  [T and T and T] or [F and F and F] -- same as before

The given is there is at least 1 Red and 1 Blue man. If you assume that Fred could not have heard Ned as well, then you pick up Ted. Otherwise, you would pick up both Ned and Fred.