We can use these [definitions][1] of respect to make this an easier question to answer. 

If you mean 'refrain from interfering', then I would have to answer no. Religions may require people to do things that go against laws or accepted norms. A religion requiring people to kill the poor would not be one I would be happy to have in my local community.

Religions could also just be [really strange][2] (from my point of view). So in terms of 'holding them in high regard', again I think no would have to be the correct answer.

You can respect people's freedom of thought and freedom of expression perfectly well without having to make special allowances for concepts and ideas classified as religion.

To reply to the comment below: It is irrelevant if one specific religion or all of them happen to promote 'good' values. The question asks whether we have to respect every possible religious belief.

  [1]: http://i.word.com/idictionary/respect
  [2]: http://listverse.com/2009/09/10/10-extremely-weird-religions/