This site or wonderhowto.com and watch the full video of the girl from ihacked.com show you how.
If you are unable to do it ureself you can either mail it in to microsoft for free or email [email protected] for a price.
http://www.llamma.com/xbox360/repair/xbox-360-repair.htm
There are plenty of suggested fixes on the net, but whichever one u go for, make sure its NOT the Twoel trick.... this will cause more damage in the long run, altho it does solve the immediate problem. If you are tech savvy, the rrod repair is quite easy to fix, but involves stripping the xbox down to the motherboard, then removing the to x clamps on the reverse of the board, and lifting off the 2 heatsinks from the processors, thoroughly clean all traces of old thermal compound from the heatsinks and processors and apply new paste. then using one of the many fix kits available on ebay re-attach the heatsinks as per instruction in the kit, plug in all cables but do not connect av cable to tv. turn on xbox until such time that 2 red lights come on. this means the unit is overheating, but it needs to do this to help with the bond of the new paste to the heatsinks. once the lights have come on, just unplug the power cable directly from the back of the xbox...do Not use the button. and allow to cool for approx 30 mins. re-assemble the xbox and hey presto u should be up and running. Any probs email me directly!!!
SOURCE: 360 Xbox problem Three red rings
3 Red lights problem is one of the most common problem of Xbox 360. 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.
SOURCE: how do you fix two red rings on xbox 360?
just let it cool down,
two red light means that the internal temperature for the console just exceeded..
let it cooldown for a day..
when you use it, make sure there is no appliance near it...
SOURCE: xbox 360 3 red rings, cant open disc tray
their is a manual eject slot on the xbox under the faceplate, this page should tell you how to do it, but you do need to be persistant and give it a lil force. http://support.microsoft.com/kb/906935
Red Ring of Death: Red Flashing XBOX 360 Lights Explained
Common Xbox 360 Red Ring Errors
The XBOX has a reported 54.2% failure rate which makes the XBOX 360 gaming consoles' worst "lemon" to date. If you find yourself with the red flashing lights error,
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follow this guide to try and pinpoint the problem with your XBOX 360.
1 Red Ring = Serious Hardware Failure
I f your XBOX 360 has a 1 red flashing light error, you're more than likely in big trouble. The 1 flashing red ring of light can be due to GPU or CPU failure, RAM overheating, a DVD drive error, or some serious problem with your Xbox 360's internal components. The most common 1 flashing red ring lights error is the E74 error. The E74 error is no easy fix for the Xbox 360 and usually has to be repaired by the manufacturer [though some have managed to repair it with the heat gun trick - but be careful]
2 Red Rings = Overheating
Mostly all red flashing lights on the Xbox 360 rings are due to overheating in some way or other, but the 2 red rings singles out overheating as the main issue. When doing the X-Clamp fix the 2 red rings are required to fix the Xbox 360 by overheating the CPU. If you get this Xbox 360 error without doing the X-Clamp fix, you probably just need to let your Xbox 360 cool down for a few hours. Make sure that all vents aren't blocked off and that your Xbox fans are working properly in order to repair this problem.
3 Red Rings = Basic Hardware Failure
The most common error on the Xbox 360 is the 3 red rings - also known as the Red Rings of Death (RRoD). This flashing lights problem is the main cause of Xbox 360's 54.2% failure rate. The 3 red flashing lights can be due to lots of different errors but is mainly due to the X-Clamps in your Xbox 360 and overheating. Fortunately, lots of people were able to fix this issue using the X-Clamp and heat gun fix. Follow this list of error codes to find out the real issue with the 3 red rings because there are quite a few of them.
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