Many Microsoft Xbox 360 console owners have been experiencing a general hardware failure indicated by three flashing red lights. Microsoft has acknowledged the unacceptable number of repairs to Xbox 360 consoles, and is enhancing its Xbox 360 warranty policy for existing and new customers.
Xbox 360 support has a list of solutions when the three lights on the Ring of Light (RoL) flash red on the front of the Xbox 360 console. Since it is a hardware failure, there is not much you can do.
Microsoft Corp. has announced an expansion of its global Xbox 360 warranty coverage. Any Xbox 360 customer who experiences a general hardware failure indicated by three flashing red lights will now be covered by a three year warranty from date of purchase including shipping costs. Microsoft is willing to take billions of dollars of earnings hit to cover this cost
Microsoft has also decided to reimburse customers who have previously paid for repair expenses related to the three flashing lights error message on the Xbox 360 console.
So what are you waiting for? If you purchased a Xbox 360 console within 3 years and are experience this kind of hardware failure, Microsoft will repair the console free of charge including shipping!
Update: For repair or replacement, check the Xbox warranty details. Within the U.S. Call 1-800-4MY-XBOX (1-800-469-9269)