When an Xbox 360 gets the three flashing red lights around the power button this is called the Red Ring of Death. Some indications that you may be heading for the dreaded RROD are:
1. Freeze-ups (weird screen graphics problems)
2. Frozen sound or static-like sound
3. The only console response you get is when you turn the power button on or off
4. You may also get a message that says the disc is unreadable.
These things will happen more and more often until the RROD occurs and won't go away. Do not confuse the RROD (three red light error) with four red lights (console doesn't detect that the AV cable is plugged in).
If you do have the three red light error and the console is still under warranty you should contact Microsoft 1-800-4MYXBOX. They will provide you with information on how to get your Xbox 360 repaired. However if your console is not under warranty your options are limited. Be very wary of the various "supposed" fixes that are offered on the internet. Some of these fixes are dangerous and could result in fires or even electrocution.
There is one fix that has had quite of bit of reported success and that is the X-clamp fix. There are multiple instruction guides available for sale that promote that particular fix. In addition there are also very good free instructions and videos available so you can save your money and buy the components needed for the fix instead. In addition the free instructions give you an idea of what all is involved and you can decide whether you want to take on the task of fixing your Xbox 360 yourself. Well I hope this article helped and I hope you don't get the dreaded three red light error.
For free step by step instructions, video links and the kits for the X-clamp fix visit http://Xbox360fixit.com
Good luck and good gaming.