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you have what is called "The red ring of death", you can do a couple of things (in this order):
1) Turn off the xbox 360 console, let it rest for an hour or two. If the red light is still there, then do step 2.
2) Wrap a towel completely around the xbox and leave it on for one hour. This will overheat the xbox and somehow gets it to start working again, but only for a short time of maybe a day or two. But, if this doesn't work, then do Step 3.
3) Go to the Xbox website and talk to a customer service agent, tell them your problem. If you are still under warranty, then they will ship you a box to send your xbox to them, it will take a couple of weeks before a brand new xbox 360 is shipped to you.

But before you do step 3, try step 1 first, because temporary red lights happen quite often, so just let it rest for a little while for now.

Follow this steps:

1. Turn off the xbox 360, disconnect the cables wait for 20 seconds reconnect the cables and turn it back on.

2. Check the light on the power supply ( The big brick that goes to your wall )
If the light is green that means the power supply is OK
If the light is Red that means the power supply needs to be replaced

3. If above steps doesn't work, you need to contact xbox customer support to get your xbox repaired
and shipping and handling will be covered.

Good Luck

Try the following to resolve the problem:

1. Turn off your Xbox 360 console, disconnect and reconnect all cables, and then turn your Xbox 360 console back on. If this step doesn't resolve the problem, try step 2.
2. Turn off the console, and then disconnect any connected accessories, such as controllers, Xbox 360 memory units, and the Xbox 360 hard disk. With these accessories removed, restart the console to see whether the problem persists and to pinpoint whether it is the console or an accessory. If this step doesn't resolve the problem, try step 3.
3. If you continue to experience the problem, contact Xbox Customer Service. If the Xbox Customer Service agent cannot help you resolve the problem, you may have to return your Xbox 360 console to Microsoft for repair.

This is usually the similar sort of problem to what causes the 3rrod (3 red rings of death) and can be fixed by trying the above or by re-heating the mainboard with a heat gun and this in turn will reseat the solder point. we also fix this error www.fixmyconsole.co.uk

The 2 flashing red lights may indicate that there is a hardware problem with your Xbox 360 console. The main thing that causes the 2 red lights to start flashing is because of overheating and as the motherboard within the console takes more heat it actually warps and bends until the solders become loose.

Once this happens you will receive the 2 red lights. Even before you get the 2 red lights you may have noticed your games freezing and this is caused in the same way, by overheating. As the chips take more heat they shut off to prevent lasting damage, although they can only do this a number of times until you get the Xbox 360 2 Red Lights.

To fix the problem you need to stop the level of heat the motherboard takes and you can do this in a number of ways, but it will involve opening up your Xbox and working on it. In addition, you could always send your Xbox back to Microsoft as they are offering free repair for this error, you will just need to wait 3-4 weeks that's all.

There is one more option available in the form of DIY Video Guide, that will explain you step by step approach to fix red ring of death within one hour without any technical knowledge.

wrap it in a a few towels and then turn it on and let it run for about half an hour then turn off and unwrap and wait an hour to cool down and then turn it back or call xbox customer support

Three of the lights on the Ring of Light on the front of your Xbox 360 console flash red View products that this article applies to. if (!loadTOCNode) {var loadTOCNode = function(){}} Expand all | Collapse all if (kb_page_object) { kb_page_object.kb_imageExpandHoverText = 'Click to expand this image'; } SYMPTOMS Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360... loadTOCNode(1, 'symptoms'); Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360 console. The upper-right quadrant light is the only light that does not flash red. Back to the top CAUSE The three flashing red lights may indicate that there is a hardware problem with... loadTOCNode(1, 'cause'); The three flashing red lights may indicate that there is a hardware problem with your Xbox 360 console. Back to the top MORE INFORMATION If you are experiencing this problem, you can submit a console-repair request on... loadTOCNode(1, 'moreinformation'); If you are experiencing this problem, you can submit a console-repair request online. However, before you submit your request, first try the following two steps to verify the problem:

1. When you turn on the console, look at the light on the power supply. The power supply light should illuminate green even if the three lights on the Ring of Light flash red. If the power supply light is not green, please follow the steps in one of the following Microsoft Knowledge Base articles: 906101 (http://support.microsoft.com/kb/906101/ ) Troubleshooting your Xbox 360 Power Supply when the light is red 906102 (http://support.microsoft.com/kb/906102/ ) Troubleshooting your Xbox 360 Power Supply when the light is orange 906103 (http://support.microsoft.com/kb/906103/ ) Troubleshooting your Xbox 360 Power Supply when the light is not illuminated
2. Turn off the console. Wait 10 seconds, and then turn on the console again to see whether the problem re-occurs.

If your console continues to display three flashing red lights, your console may have to be repaired. For more information about how to start the repair process online, please visit http://www.xbox.com/support (http://www.xbox.com/support) , and then click Repair your console in the upper-right part of the Web page. Note Online console repair service is currently not available in all countries and regions.If you want to instead contact Xbox Customer Support directly, please visit http://www.xbox.com/support/contact (http://www.xbox.com/support/contact) for information about how to do this.

SYMPTOMS Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360... loadTOCNode(1, 'symptoms'); Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360 console. The upper-right quadrant light is the only light that does not flash red. Back to the top CAUSE The three flashing red lights may indicate that there is a hardware problem with... loadTOCNode(1, 'cause'); The three flashing red lights may indicate that there is a hardware problem with your Xbox 360 console. Back to the top MORE INFORMATION If you are experiencing this problem, you can submit a console-repair request on... loadTOCNode(1, 'moreinformation'); If you are experiencing this problem, you can submit a console-repair request online. However, before you submit your request, first try the following two steps to verify the problem:

1. When you turn on the console, look at the light on the power supply. The power supply light should illuminate green even if the three lights on the Ring of Light flash red. If the power supply light is not green, please follow the steps in one of the following Microsoft Knowledge Base articles: 906101 (http://support.microsoft.com/kb/906101/ ) Troubleshooting your Xbox 360 Power Supply when the light is red 906102 (http://support.microsoft.com/kb/906102/ ) Troubleshooting your Xbox 360 Power Supply when the light is orange 906103 (http://support.microsoft.com/kb/906103/ ) Troubleshooting your Xbox 360 Power Supply when the light is not illuminated
2. Turn off the console. Wait 10 seconds, and then turn on the console again to see whether the problem re-occurs.

If your console continues to display three flashing red lights, your console may have to be repaired. For more information about how to start the repair process online, please visit http://www.xbox.com/support (http://www.xbox.com/support) , and then click Repair your console in the upper-right part of the Web page. Note Online console repair service is currently not available in all countries and regions.If you want to instead contact Xbox Customer Support directly, please visit http://www.xbox.com/support/contact (http://www.xbox.com/support/contact) for information about how to do this.

The 2 flashing red lights may indicate that there is a hardware problem with your Xbox 360 console. The main thing that causes the 2 red lights to start flashing is because of overheating and as the motherboard within the console takes more heat it actually warps and bends until the solders become loose.

Once this happens you will receive the 2 red lights. Even before you get the 2 red lights you may have noticed your games freezing and this is caused in the same way, by overheating. As the chips take more heat they shut off to prevent lasting damage, although they can only do this a number of times until you get the Xbox 360 2 Red Lights.

To fix the problem you need to stop the level of heat the motherboard takes and you can do this in a number of ways, but it will involve opening up your Xbox and working on it. In addition, you could always send your Xbox back to Microsoft as they are offering free repair for this error, you will just need to wait 3-4 weeks that's all.

There is one more option available in the form of DIY Video Guide, that will explain you step by step approach to fix red ring of death within one hour without any technical knowledge.


,.

Unplug it...The light will stop flashing...problem solved.

http://support.microsoft.com/kb/907534