This error is normally caused by overheating, and the results are an Xbox 360 that sits there winking that old red eye at you.
You may not be aware however that there is also an Xbox 360 3 red lights fix that can be completed in under an hour with no specialist tools at all.
Machines that are still under warranty though should be sent off to Microsoft for repair.
If you are the least bit competent with a screwdriver though there's no reason you shouldn't try the repairs yourself.
The first thing you need to get are a few basic tools.
The next and most important thing to do is to get yourself a good Xbox 360 3 red lights fix [http://www.
These guides offer step-by-step instructions on how to easily fix the dreaded 3 red lights error and often cover many other issues you might encounter such as graphics errors, constant freezing and so on.
I personally, have now repaired over 40 Xbox 360's using the instructions from one of these guides so I can definitely vouch that the techniques work.
The first time I tried the repair it took me about an hour, but now with a lot of practice i can turn an Xbox 360 from a zombie machine to a fully firing gaming beast in under 20 minutes.
Not only is that a lot faster - about 1 week 6 days and 23 hours faster to be precise but also a lot cheaper than sending it away to get repaired.
So don't panic, just grab some tools, a good guide and you will be back in the gaming hot seat within the hour.