In search of an event
The only thing I remember that comes out of the wall so to speak, is Duke Barradin, in the charr tutorial. I have not seen the picture you are referring to.
Unless you mean the Iron Forge man, who is in the Sorrow’s Furnace dungeon (it’s definitely red in there.)
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I think this is the picture you are looking for, at least it fits your description. And you are right, this picture is so awesome it’s almost the reason I bought the game in the first place.
Found the pic, actually was Primordus. http://wiki.guildwars2.com/wiki/Primordus
Is there any game content with it? Or it’s planned for later?
At the moment there is no game content, although the foes in future content is not known to us yet, I have a feeling that it will be around killing off the other 4 (5??) elder dragons. This picture however is bout a sleeping primordus. He is currently awaken. It is unknown if he stayed in the same room where he slept or that he moved through his domain (the network of caves under Tyria). If the location of his cave (and the adjecent central transfer chamber) is the right location, this place is underground just north off Yakk’s bend waypoint in Frostgorge Sound. But currently unreachable. The entrance closest to this netwerk of caves was a lot more north just west of the hall of monuments.
Arise, opressed of Tyria!