How many lights are blinking??
Two blinking red light's on the power button means that your console has
insufficient ventilation. The red light will continue flashing until the
console cools down.
Let your console cool
If the solution worked, your power button should be green.
If your power supply cords are not plugged in securely, you may see one
flashing red light when you turn on your Xbox 360 console.
Check out this site and follow along according to the symptoms face by the xbox360.
http://support.xbox.com/en-us/pages/xbox-360/troubleshoot/hardware/flashing-lights-wizard.aspx
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