Unless the blue spruce is depriving your red maple of resources (light, water, etc) it should not be a big problem.  Most likely, the general signs of decline are due to the drought conditions that we have been experiencing in Minnesota lately.  Depending on the plants surrounding the trunk and the resulting competion for water, the tree may not be receiving as much water as you might think.  If it appears that lack of water is the problem, mulching around the base of the tree, taking care to not mulch right up to the trunk, and irrigation is your best bet.  
As for the crack on the trunk, it is probably a result of sunscald.  This is a damaging of the tree's cambial tissue, just inside the thin bark of a younger maple, caused by the sun heating the trunk to above freezing temps and then followed by freezing temps dierectly after the warming.  The result is death of the tissue and a split in the bark.  This happens on many young, thin barked trees and usually wont affect the tree too much.  To prevent this in the future, you can rap the trunk with a commercial trunk wrap and remove the wrap in early spring.  Painting the trunk white will also accomplish the same end.. basically keeping the trunk at below freezing temperatures so there is no warming and cooling. 
 
Last, stressed trees become more susceptible to diseases.  Maple trees are susciptable to Verticillium wilt which causes trees to exhibit symptoms such as your red maple has.  For more on this vascular wilt, go to http://www.extension.umn.edu/distribution/horticulture/DG1164.html