For those who aren't clear on Minnesota geography: The Red River of the North (so called to distinguish it from several other Red Rivers, mostly in the South) is in a whole different watershed from the Mississippi. It forms the boundary between Minnesota and North Dakota, and flows northward into Canada, where it winds up in Lake Winnipeg, out of which flows another river (the Winnipeg River?) which empties into St. James Bay, a branch of Hudson's Bay, which connects to the Arctic Ocean.

Minnesota has another major watershed, too: all the rivers and streams, mostly small, that flow into Lake Superior, whose waters end up in the North Atlantic via the St. Lawrence River. I haven't heard of any flooding in that area.

So theoretically, there is a point, probably somewhere southwest of Duluth, where three continental divides meet. But as far as I know, the point isn't marked. It would probably be hard to find, because most of Minnesota is pretty flat.