Red Ring / System Crashes / Doesn't Start

I realize that the subject problems are all common but has anyone had a combination of all the above? The problems I am experiencing with my console is are as follows:

1. A couple of days, I was playing Stranglehold and in the loading screen, the game froze. I restarted the console and got the 3 red lights. I shut the power and restarted the console and it worked perfectly. I let out a sigh of relief and continued playing.

2. Next day I hook it up again. I turn on the power button on the console.....and I wait..and I wait...and I wait...and for a good 30-40 seconds, the only light on was the middle power button. After that time, the console started and worked perfectly. Later the same day..I turn it on again..and again after the same 30-50 second delay..the red lights appear.

3. Now basically, what is happening is that once I turn on the console..it takes a good minute for something to happen. It can either be the red lights (3 reds) or the system works perfectly or...the green lights circulate..a couple of times and die out leaving only the middle green light on.

Any idea what is happening? If this was a hardware failure, the system would not start on a few occasion. All suggestions would be most appreciated.