If you own an Xbox 360, you should know what the 3 flashing red lights are.
For those of you that don't, read on and I will explain what they mean and how it can be fixed.
What are They? The 3 flashing red lights, or red ring of death, on an Xbox 360 refers to the lights around the power button that flash on the console.
What Does it Mean? The red ring of death indicates that there is some sort of hardware problem occurring within the system itself.
How Can This Be Repaired? Being an avid gamer myself, I have found 2 solutions that both work.
They are listed below.

• Purchase a Repair Guide - You may be skeptical about this option, but don't worry the majority of repair guides out there really do work.
  Most of them offer both text and video tutorials to help you with virtually any problem you may have with your system.
  You will learn how to diagnose and fix the problems yourself.
  
• Mail Your System to Microsoft - Sending your system back to Microsoft is another solution that will work.
  However, you can only send your system to Microsoft if it is still under warranty.
  If it's not then you're out of luck.
  Once you send your system back to Microsoft it will take around 4 weeks to receive it back, and Microsoft will not tell you how they fixed your Xbox.
  

One solution may work better than the other, it all depends on how you wish to fix it.