Flashing red light

When someone say that his/her Xbox is having 3 red lights problem, It means it needs to be repaired. If you are using Cooler than it is not a cure but a prevention. You could have used cooler before acutally having the problem just to prevent your Xbox. But now you will have to either get it repaired from Microsoft (in case your Xbox's warranty is not expired, but one thing to note is that you will have to wait for at least 3-4 weeks to get back your Xbox) or you can Fix your Xbox's 3 Flashing red lights problem yourself with the help of DIY Video guide available on Internet. You can fix yourself without any technical knowledge.

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It might be Red ring of Death problem, You can either send your Xbox toMicrosoft and wait for 2-3 weeks till you get back your Xbox or you canfix the problem yourself with the help of a DIY fix guide.
Check out the post discussing about RROD problem here: http://www.fix-xbox360.info/2008/08/23/xbox-360-red-light-fix/
Hope it helps...