I was at the range sunday, me and a man I met were tring to sight in a colt sporter red dot sight, but it just kept bouncing around.  It is mounted on a armalite ar-15 with a 20 in. barel, mounted on the handle.  The nut on the handle is tight, a pair of vice grips made that a fact.  The elavation kept going way off and the click adjustment moved the sight only when it wanted to.  The site was bought at Gunaccessories.com.  Any help would be great.
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I looked at the website you listed...are you referring to the sight that is actually a lens similar to a C-More/OKO, that is seperate from the projection module and both are mounted on a rail?

If so, I dare say that sight itself is the problem...looks like a POS (IMO), especially for 190bones.  I'd try and return that sucker...if you want a cheap dot sight, get a TACPOINT, or a BSA for 30bones at Wally-World.  A friend of mine used a 30 dollar BSA on both 7.62 and .45ACP FALs with great success.  If you want to spend a lot of money (which I'm fearing you did), save a little more and get an Aimpoint or EOTech.