When I turn on the system, it flashes red lights

Depends on how may lights are flashing.

1 red light - normally E74 error - display chip burnt out

2 red lights - overheating,

3 red lights - GPU and the CPU overheating you need to get it repaired.

You can do this by sending it in to Microsoft or of course you can repair it yourself

When the Xbox 360 overheats it causes the lead free solder to crack, the more that crack the worse the
machine will get. So eventually I suspect your machine will die completely and show either 3rrod or e74.

To remedy this you need to strip the console down and replace what's called the X-Clamps, at the same
time replace the heat-sink paste and then you need to re-heat the whole board. We use a special IR over
which re-bakes everything and re-seats the solder properly, a lot of people use a heat-gun but you have
to be very careful.

oh thats a big problem you have three rings of death you wiil need to repair it that happens about every four years