This is a very common bug with the 360's The three flashing red lights may indicate that your Xbox 360 console has experienced a hardware failure or overheating. Microsoft offered to repair them even though it sucks sending it in for a couple weeks. I know that there are some temporary solutions like the towel trick but it is very harmfull to the CPU and can ruin it beyound repair. I suggest calling microsoft support and hopefully they will help you out. Hope that helps a little!!
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