Before even owning an XBOX 360 I would come across numerous forums online, or magazine articles, that would mention the most hated term in the Xbox 360 gaming world. Red Ring Of Death!
Not being an owner of the console yet myself, I figured this horrid term would never effect me. Like a rare disease, I never would think it would happen to me. Granted I felt bad for all the poor folks who had it happen to them, I never thought it would effect anyone I knew, or me.
A year after owning an Xbox 360, my brother was finally plagued with the 'RROD'. Granted he could indulge in 12 hour gaming sessions on the console with his Halo game, it in my opinion, should never have happened. 12 hours, 20 hours, the Red Ring Of Death is a term that should not happen. Sadly, it does. Microsoft has yet to wipe the plague clean from their consoles, which is also very frustrating.
I understood that the Red Ring Of Death had numerous meanings. A red ring around your consoles power button did not alway mean the console was dead. There are a few different symptoms one may want to note for if it were to happen to them.
The first is that 3 flashing red lights may not indicate that the console is dead. It could be a simple issue that you can resolve by unplugging and plugging back in your cables.
The issue could also be the power supply, so try and fix the issue yourself before having a tantrum. If all that fails, then the the tantrum is understandable. The only step left from there is to pray to the Gods above that your console is still in warranty, and to contact Microsoft, if not, you're pretty much out of luck.