Curban, the likelihood that one wire is present to control the fan and one to control the light is very low, because this was not originally a ceiling fan installation - it was an overhead light. If there are, in fact 2 switches, (we weren't told for sure) then they are probably 3-way switches, both controlling one light.
With that in mind, however, the whole thing could indeed be wired to have one switch control the fan and one control the light - if that's what is wanted. (But I would guess the black and the red to be switched, not the white and the red.)
[This message has been edited by rpxlpx (edited May 10, 2001).]