Been a victim of the Red Ring of Death lately? Apparently it's not broken, just in need of some "re-education".
The red lights are simply the way the Xbox 360 communicates to the user that it doesn't feel like playing. But, like any misbehaving child, give it a good whack on the backside and it'll straighten up. You paid $400 (or $500 if you got suckered into the official wireless adapter) for the machine; it works for you, not the other way around.
Don't believe me? Watch this: