There are a few ways to make your RED ONE look like it has 7 stops of dynamic range... two primary ways.
1. Over-expose. Just clip the highlights while you record and there won't be any need to screw up anything in grading. This is the easiest way to turn a Digital Cinema Camera into an ordinary looking video camera (although you will still have more resolution).
2. Grade it improperly. Use ISO or exposure to set the mid-grey (or make most of the image look right) in RED Alert!, REDCINE, Scratch or Final Cut... without any regard for the histogram. Let the highlights go because the "middle of the image looks right". Don't use a curve to pull up the middle because that would hold the highlight you wish to blow out. Clipping is an art. If you can get really good at it, you may also learn what not to do "just in case you want the full info for a specialty shot".
As has been pointed out, the RED ONE does not have as much DNR as film. While most people think it is plenty to work with... it certainly does not if you throw away info.
Here's some good news. We are here to help. Build 16 makes it MUCH more difficult to miss exposure. And REDspace does a great job of helping to see your image without tempting you to make grading errors.
There are some of you that are saying "I don't do that. I know exactly what to do and how to get the most DNR with my RED ONE". OK, then. I'm not talking to you.
Here is an example of how to get an image to clip with one grading button.
I know... this grab is not that sharp. That isn't the point here...