So is it some kind of ghost ball or something? It comes out of no where bounces around for a bit all on it's own then vanishes without a trace. If I where a family memeber in the game that would certainly freak me out.

As LadyCFII states earlier in this thread (about the ball) :

As to what happened here. Today I was scrolling the screen and I found the ball again, not anywhere I ever expected it to be. I tried a few tests and discoved there's some kind of wormhole or something. If I bounce it in the hallway where it disappeared there's 2 spots where if it touches there it disappears. One is the spot where it disappeared on me, the other is around the spot it bounced off of before it disappeared. The spot where it reappears is almost the same for both of them and it's hard to spot it there(unless someone has a mod that turns the inventory bar invisible.) Here is a screenshot to explain:

A mod like this one? I love it!

Yeah

Cannot see any red ball on the screen....where is it?

You have to look real close, most of it is hidding behind the inventory bar.

I FOUND IT!!!! YAYAYAY!

is there any way to get rid of the ball if you don't want it anymore

How could you not want that little red ball? Its so much fun.