Originally, Latex Red was a member of the Three Little Kittens, or more precisely she was a prospect or possible recruit. She washed out of training because she proved too vain and too violent.
Jealous of her teammates' larger breasts and desperate for revenge due to her wounded ego, Latex Red has her breasts surgically augmented with nuclear explosives, of all things, so that she becomes effectively unstoppable. If you kill or capture her she can trigger her bombs and kill you.
She clashed with the Three Little Kittens on many occasions, along with her Satanic Schoolgirl minions, but in every case she was defeated either by her own boastful personality, her own vanity, or both.
Originally in the miniseries, Latex Red captured and nearly defeated the Kittens, but was defeated when she lost her balance due to her overinflated chest and toppled over under the weight, falling over a railing and knocking her unconscious. The second time she once again almost wins the day by capturing a foreign leader to sell to the CIA--unfortunately she stops to boast about her plans (and boast about her breasts) and gives Tarot and her allies time to cast a spell on her, removing her costume which contained her weapons and tech.
She's not shown to be a particularly bright woman. However she is a fierce fighter and skilled sharpshooter and (provided she can stand up, which is not always a given due to her oversized breast implants) she can hold her own against any of the Three Little Kittens. She was, according to their leader and her former mentor, perhaps the best of the recruits. So anything they can do, she can easily match.
Her inflated ego and blowhard personality tends to be her downfall, not so much her actual skill as a combatant.
Technically she has no powers--save for the nuclear weapons implanted in her breasts--but Latex Red proves to be very skilled as a human combatant. She's feared enough by the Three Little Kittens to warrant an appearance by their enigmatic founder and so far seems their better, or at least the equal of all three, when her insanity and egotism doesn't get in her way.