Two red lights - Microsoft Xbox 360 Console

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Hello,
Count how many times the red light flashes and how many the green light flashes.If its 1 green and 1 red thats water problems.If 2 flashes of red light check filter is clear and pump is free to turn.

Hope this helped.

PS3 flashing is not hard to fix. Do you want to fix it by yourself instead of pay $150 checking to Sony? Here's the solution :
PS3 Red Light Fixing Guide

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If you have a red light flashing then you have one of the following: 1 red light e74, 2 red lights - overheating, 3 red lights GPU and the CPU, or 4 red lights you need to plug the av cable in.

For the 1, 2 , 3 red lights you can send it in to get it fixed or reapair it yourself with a good guide

How may lights are showing up?

3 red light is GPU and the CPU overheating,

2 red lights is general overheating

1 red light is E74 and 4 red lights is the av cable.

For the 1, 2, 3, red lights you will need to get it fixed you can either send it in to do this or repair it yourself

How may red lights are flashing?

1 red light normally E74 error message on screen

2 red lights overheating

3 red lights the GPU and the CPU have overheated.

4 red lights is the AV cable not plugged in properly.

You can fix the 1, 2, 3, red lights yourself or send it in for a fix

http://support.xbox.com/support/en/us/xbox360/hardware/default.aspx

one red light is also the E71 error as well.