The red/pink fleshy thing that hangs below a turkey's beak is called a wattle. Likewise, the red/pink fleshy thing that hangs overa turkey's beak is called a snood. Both the wattle and the snood change color from pink to brilliant red, depending on the turkey's mood. Both males (toms) and females (hens) have wattles and snoods, but the tom's are much bigger.
((Happy Thanksgiving to those reading this in the United States! If you're not in the United States, have a happy November 26th, regardless. :D))