Unfortunately the Xbox 360 will need to be professionally repaired.
These red light errors usually happen with little warning. Sometimes you may see strange colors or it will start to freeze, however often times it strikes without warning.
The main cause of the red light errors is overheating. In the future try to keep the console in a well ventilated area and always play with the console standing upright rather than laying flat. When the Xbox 360 lays flat the entire bottom surface area gets very little air flow, causing the console to run much hotter than if it is upright.
If your warranty is up or you just don't feel like dealing with Microsoft; the company I work for
GATpro Repairs offers a flat rate repair service. We even pay for return shipping. Let me know if you have any further questions.
Good Luck!
Hank
GATpro Technician
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