K.P.
Whoa! Why is she playing with red lipstick unsupervised?? Are you crazy?? White carpet??? I'm panicking for you!
Try Oxy Clean- make it into a "paste" and dab it on. Leave it alone for 10 minutes or so and use CLEAN water to try and get it out. You may be in really bad shape here b/c of the wax in the lipstick. You may want to call a professional to attack this one- and hope that they can "repair" that spot and that you don't have to replace the whole room!