Other red creatures you control get +1/+1.
Other white creatures you control get +1/+1.
Whenever you cast a red spell, Balefire Liege deals 3 damage to target player or planeswalker.
Whenever you cast a white spell, you gain 3 life.
8/1/2008 The abilities are separate and cumulative. If another creature you control is both of the listed colors, it will get a total of +2/+2.