You have what is known as the xbox Red Ring Of Death aka... RROD.
If you are the original purchaser - Microsoft is fixing them for free (but you will be without your XBox for about 6 weeks.)
Basically
- the RROD is from not enough thermal compound between the heatsink and
processor. It overheats and goes into 3 light error mode.
There
are sites that will fix (for a fee) and even videos on YouTube that
describe how to fix it yourself if you are inclined to do that.
It
entails opening up (and voiding your warranty) the 360. There are so
many hidden screws and latches - it is imperative to find a video or
step-by step instruction on opening it properly.
I would suggest sending in to Microsoft so your warranty is not compromised.
Otherwise - see
THIS SITE for step by step instructions on opening, cleaning, and replacing the thermal compound.
Other places can be found simply by googling "RROD FIX" or try YouTube and look at some "RROD FIX" videos.
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