Posted this same info in years past, might as well post it again.
Jeff's Ghetto Gas Buster Modification:
Many guys have asked me what the "red stuff" is in the gap on the charging handles closest to the receiver.
If you look at the charging handle on an AR15 from the top of the gun you will notice that there is a half circle shaped gap where the charging handle fits up agains the upper receiver.
If you look at this same area from the side, you will notice that there is a space between the charging handle and the upper receiver. This is where a majority of excess lube, gases, and debris escape out of the upper receiver and are directed into the shooters face.
By filling the half circle gap on the charging handle with RTV silicone you can make a cheap and very effective "gas buster" for your charging handle, and this prevents Lube, gases and debris from being blown back into your face.
Step #1
Prep the charging handle. Clean the half circle shaped area on the charging handle with Acetone and wipe dry.
Step #2
Get a tube of Permatex High-Temp RTV Silicone Gasket Makter #26B (can be found in the automotive section at Wal-Mart. It comes in a red tube and costs $2.97).
Looking at the charging handle from the top you will notice a gap that looks like a "C" or half circle. Ensure that the charging handle is locked in the forward position.
To make the gas buster modification, I filled in this gap between the upper receiver and the higher portion of the charging handle with the High-Temp RTV Silicone, using a plastic knife to level out the silicone and remove any excess.
Step #3
Let the RTV Silicone dry over night, once the RTV Silicone is applied to the charging handle, DO NOT move the charging handle until the RTV Silicone has cured.
After the RTV cures, take a knife and slide the blade between the RTV and the upper receiver to loosen it up a bit. Then pull the charging handle back slowly, if it's still sticking to the upper receiver, use the blade of the knife to slowly and gently pull the RTV away from the upper receiver. You want the RTV Silicone to stick to the charging handle, not the upper receiver.
The RTV Silicone makes a perfect seal, nothing can excape from the upper receiver in the area of the charging handle.
I have guns that I put the RTV on back in 2001 or so and it's still on the gun. The RTV makes a perfect seal around the upper receiver, it's much cheaper than a $90 charging handle.
See "Forward_Assist's" pics for a visual