Red worms are usually brandlings, and they're good. However, unless you're producing your compost using a hot, aerobic system (turning it every 3 or 4 days, making sure the heap is no less than a metre cubed in size, covering the top with something) it isn't suitable for use as potting compost because it won't have become hot enough to destroy pathogens. It sounds like yours is the more common anaerobic heap - fine to add to the beds and borders though.

That's the best compost you can get. The worms help break down the vegetation and they add a lot of nutrients as well through their castings. They know how to work it!

my compost is in a slatted box 1mtr square x3 ft deep should i cover to dry out or will it be ok to carry on what i am doing

You don't need to cover it unless you're trying to keep some heat in - an old piece of carpet does the job well. Provided excess fluid can drain away at the bottom, you don't need to worry about its being too wet.

and if you know an angler they will pay good money for the worms.