The red and black are for an internal speaker. I didn't bother trying it out.
The ELO should power up briefly with its boot logo, even without a video input. IIRC, that "loner" button is the power button. I had two occasions out in the workshop where mine didn't want to light up for some reason. However if I unplugged/plugged the USB for the touch screen, the computer did the customary "bong", which implied to me the unit was live.
I think I unplugged the power cord once or twice, and it came back on. I attributed the problem to the cold in the shop but who knows. Haven't had any issues since. I had one other occasion also in the shop (and I have also seen this in my upright cab with a CRT) where the monitor didn't fire up until almost when XP was done loading.
Since my juke has been inside though, it has worked flawlessly.
Good luck.