For those of you blessed with the 3 red lights here is a tip to get the error code out of the flashing.
Turn the xbox 360 on, and wait till the 3 red lights are flashing. Now Press and hold the sync up button (the small white one) while holding that button in now press the eject button. That gives you the first number in the code (Will explain the numbers later on). Now release the eject button and press it again, thats number two. Again press the eject button. Thats number threee. Now once more. That number four, the last. If you press it Once again it goes back to the 3 red flashing lights. You can see the difference between the Error code numbers and the normal flashing lights by thier flashing speed.
All four lights flashing - Zero
One light flashing - One
Two Lights flashing - Two
Three lights flashing - Three
0001-0002 power supply problem
0010-0013 over heating
0102 - unknown send for repair
if anyone knows any more info please post it up. or has corrections.