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Out of the box, PyDev 2.2.1, I can't seem to get code analysis to happen. Typing "print somerandomundefinedvariable" doesn't produce red underlining. I tried to look at the manual, but the menu in the screen shot doesn't match my version and there seems to be no reference to code analysis in my menu at all.
The path to code analysis has changed (it's now pydev > editor > code analysis - the best way to find something in the preferences is searching for it in the menu).
If it doesn't appear there, you have some problem in your installation (so, try to reinstall), if it's there, it's probably because your file is not under a source folder or it's within a folder that's not a valid python package - i.e.: you need to have __init__.py files in each folder for it to be considered a valid package). I the getting started: http://pydev.org/manual_101_root.html there are steps for properly configuring a source folder.