Three red lights

When a Microsoft Xbox 360 console experiences a "general hardware" failure or "core digital" failure, three flashing red lights appear (known as the "Red Ring of Death") around the power button, in lieu of the four green lights indicating normal operation. Warning signs may include freeze-ups, in which the screen has strange, spontaneous graphical problems in the middle of gameplay, such as checkerboard or pinstripe patterns on the screen, the sound is frozen and changed to a strange, static-like sound, and the console only responds to pressing the power button to turn it off. These events may happen once or several times until the general hardware failure occurs, when the user attempts to turn the console on, and the three red lights are seen and the console will not function.

this sounds like it will error e74 which will need a reflow
but dont overheat with a towel as this will cause more problems

if its three of one red light, its broken and youll need to send it to microsoft for repair

If you are experiencing this problem, you can submit a console-repair request online. However, before you submit your request, first try the following two steps to verify the problem:

1. When you turn on the console, look at the light on the power supply. The power supply light should illuminate green even if the three lights on the Ring of Light flash red. If the power supply light is not green, please follow the steps in one of the following Microsoft Knowledge Base articles: 906101 (http://support.microsoft.com/kb/906101/ ) Troubleshooting your Xbox 360 Power Supply when the light is red 906102 (http://support.microsoft.com/kb/906102/ ) Troubleshooting your Xbox 360 Power Supply when the light is orange 906103 (http://support.microsoft.com/kb/906103/ ) Troubleshooting your Xbox 360 Power Supply when the light is not illuminated
2. Turn off the console. Wait 10 seconds, and then turn on the console again to see whether the problem re-occurs.

Additional support loadTOCNode(2, 'moreinformation'); If the steps in the previous section did not resolve your issue, your console may have to be repaired. For more information about how to start the online repair process, please visit one of the following Web Page links: United States customers - Online console repair (http://support.xbox.com/support/en/us/nxe/LiveIDSignIn.aspx? redirectUrl=http://support.xbox.com/support/en/us/nxe/registerdevice.aspx? step=repair) Outside the United States - Online console repair

SYMPTOMS Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360... loadTOCNode(1, 'symptoms'); Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360 console. The upper-right quadrant light is the only light that does not flash red. Back to the top CAUSE The three flashing red lights may indicate that there is a hardware problem with... loadTOCNode(1, 'cause'); The three flashing red lights may indicate that there is a hardware problem with your Xbox 360 console. Back to the top MORE INFORMATION If you are experiencing this problem, you can submit a console-repair request on... loadTOCNode(1, 'moreinformation'); If you are experiencing this problem, you can submit a console-repair request online. However, before you submit your request, first try the following two steps to verify the problem:

1. When you turn on the console, look at the light on the power supply. The power supply light should illuminate green even if the three lights on the Ring of Light flash red. If the power supply light is not green, please follow the steps in one of the following Microsoft Knowledge Base articles: 906101 (http://support.microsoft.com/kb/906101/ ) Troubleshooting your Xbox 360 Power Supply when the light is red 906102 (http://support.microsoft.com/kb/906102/ ) Troubleshooting your Xbox 360 Power Supply when the light is orange 906103 (http://support.microsoft.com/kb/906103/ ) Troubleshooting your Xbox 360 Power Supply when the light is not illuminated
2. Turn off the console. Wait 10 seconds, and then turn on the console again to see whether the problem re-occurs.

If your console continues to display three flashing red lights, your console may have to be repaired. For more information about how to start the repair process online, please visit http://www.xbox.com/support (http://www.xbox.com/support) , and then click Repair your console in the upper-right part of the Web page. Note Online console repair service is currently not available in all countries and regions.If you want to instead contact Xbox Customer Support directly, please visit http://www.xbox.com/support/contact (http://www.xbox.com/support/contact) for information about how to do this.

When you turn on the console, look at the light on the power supply. The power supply light should illuminate green even if the three lights on the Ring of Light flash red. If the power supply is button is red than you need to replace the battery or check the connections.

The three flashing red lights may indicate that there is a hardware problem with your Xbox 360 console. If you are experiencing this problem, you can submit a console-repair request online.

Hopefully your system is still under warranty.

For step by step troubleshooting directions please read the attached link and Happy Gaming!
http://support.microsoft.com/kb/907534

I had the same problem my xbox 360 just broke all of a sudden and then I used this guide to fix my xbox 360 plus it only takes like an hour. Good luck dude.

fix360fix.com

Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360 console. The upper-right quadrant light is the only light that does not flash red. CAUSE: The three flashing red lights may indicate that there is a hardware problem with your Xbox 360 console. MORE INFORMATION: If you are experiencing this problem, you can submit a console-repair request online. However, before you submit your request, first try the following two steps to verify the problem: 1. When you turn on the console, look at the light on the power supply. The power supply light should illuminate green even if the three lights on the Ring of Light flash red. If the power supply light is not green, please follow the steps in one of the following Microsoft Knowledge Base articles: 906101 (http://support.microsoft.com/kb/906101/) Troubleshooting your Xbox 360 Power Supply when the light is red 906102 (http://support.microsoft.com/kb/906102/) Troubleshooting your Xbox 360 Power Supply when the light is orange 906103 (http://support.microsoft.com/kb/906103/) Troubleshooting your Xbox 360 Power Supply when the light is not illuminated 2. Turn off the console. Wait 10 seconds, and then turn on the console again to see whether the problem re-occurs.If your console continues to display three flashing red lights, your console may have to be repaired. If none of these help, pease contact Xbox support at http://xbox.agent.asahost.com/ to talk to a live agent.
:)

Wow, 4th? That's horrible! Hopefully the following helps you out! SYMPTOMS loadTOCNode(1, 'symptoms'); Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360 console. The upper-right quadrant light is the only light that does not flash red. CAUSE loadTOCNode(1, 'cause'); The three flashing red lights may indicate that there is a hardware problem with your Xbox 360 console. MORE INFORMATION loadTOCNode(1, 'moreinformation'); If you are experiencing this problem, you can submit a console-repair request online. However, before you submit your request, first try the following two steps to verify the problem: 1. When you turn on the console, look at the light on the power supply. The power supply light should illuminate green even if the three lights on the Ring of Light flash red. If the power supply light is not green, please follow the steps in one of the following Microsoft Knowledge Base articles: 906101 (http://support.microsoft.com/kb/906101/) Troubleshooting your Xbox 360 Power Supply when the light is red 906102 (http://support.microsoft.com/kb/906102/) Troubleshooting your Xbox 360 Power Supply when the light is orange 906103 (http://support.microsoft.com/kb/906103/) Troubleshooting your Xbox 360 Power Supply when the light is not illuminated 2. Turn off the console. Wait 10 seconds, and then turn on the console again to see whether the problem re-occurs.If your console continues to display three flashing red lights, your console may have to be repaired. If none of these help, pease contact Xbox support at http://xbox.agent.asahost.com/ to talk to a live agent.
:)

SYMPTOMS loadTOCNode(1, 'symptoms'); Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360 console. The upper-right quadrant light is the only light that does not flash red. Back to the top
CAUSE loadTOCNode(1, 'cause'); The three flashing red lights may indicate that there is a hardware problem with your Xbox 360 console. Back to the top
MORE INFORMATION loadTOCNode(1, 'moreinformation'); If you are experiencing this problem, you can submit a console-repair request online. However, before you submit your request, first try the following two steps to verify the problem: 1. When you turn on the console, look at the light on the power supply. The power supply light should illuminate green even if the three lights on the Ring of Light flash red. If the power supply light is not green, please follow the steps in one of the following Microsoft Knowledge Base articles: 906101 (http://support.microsoft.com/kb/906101/) Troubleshooting your Xbox 360 Power Supply when the light is red 906102 (http://support.microsoft.com/kb/906102/) Troubleshooting your Xbox 360 Power Supply when the light is orange 906103 (http://support.microsoft.com/kb/906103/) Troubleshooting your Xbox 360 Power Supply when the light is not illuminated 2. Turn off the console. Wait 10 seconds, and then turn on the console again to see whether the problem re-occurs.If your console continues to display three flashing red lights, your console may have to be repaired. If none of these help, pease contact Xbox support at http://xbox.agent.asahost.com/ to talk to a live agent.

It may actually be that your power box has failed or died. If so than you cant do anything really.Sorry.