And to address the annoying/alarming red color (in Xcode 3.2.4 Prelease, developing for iOS4.1),
[1] select a red (mis-referenced) framework in the "Groups & Files" pane
[2] get its "Info" (command-I, or click the blue circle with the white italic "i")
[3] of the three tabs, "General", "Targets", and "Comments", choose "General"
[4] Use the "Path Type:" pop-up:
change from "Relative to Current SDK" to "Absolute Path"
[5] Click the "Choose..." button to select a path like:
"/Developer/Platforms/iPhoneOS.platform/Developer/SDKs/iPhoneOS4.1.sdk/System/Library/Frameworks/UIKit.framework"
[6] Notice:
the "Path Type:" pop-up returns to "Relative to Current SDK" automatically; and
the framework's annoying/alarming red color is replaced by the normal/copacetic black.
No doubt, some later upgrade of Xcode will manage all this automatically.