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if its a blinking red light that means it over heated let it sit for a few hours and it should be ok but if you get a green light to quick yellow to blinking red then you have the ylod so check it again and if its the ylod let me know so i can tell you how to fix it yourself without having to send it to sony
When one light from the four lights ring itself changes from green to red, it means that a general hardware failure has occurred or is imminent. Blinking of one red light with an error message like E66, E67, E68, E71, E74 or E77 means a repairable problem while the one red light blinking without error message means some critical or irrepairable problem. The problem can be avoided by restarting the Xbox 360 console but if you have not received any error message with one blinking red light then the problem is irrepairable. The console will behave the same way and you should understand that one or more of the hardware components in your console have stopped functioning due to hardware failure. If you receive an error message with one red light blinking then the problem is reparable and the system will definitely start working. It means that there is some hardware problem with the Xbox 360 console connection occurring due to the misplacing of cables in the ports. Turn off your Xbox 360 and disconnect all cables, now reconnect the cables and switch on the Xbox hope this helps.
The red blinking light is typically the result of a heating issue but can also be caused by both a malfunctioning hard drive or a lose connection. The big problem with this is the $150 price tag that Sony charges to fix the issue. Below is a link with a more detailed description of the issue.
this is similar to the red blinking lights on the xbox360...it seems your cell processor has overheated resulting in a cold solder joint or worse bridged solder involving the BGA array...I have had some sucess in fixing these albeit limited. sony charges 150 plus state tax and sends you a refurbished unit.
When the three red lights are blinking, that means that there is a hardware failure. If your console is under warranty, than you can call 18004MYXBOX, and they will fix it for you for free( including shipping). By the way all of the consoles are under a 2 year warranty for this problem so it will be free.