It normally occurs when you are starting up your Xbox and about to play a game and it is extremely annoying as there is little one can do to fix it. If you search the Internet there are a few fixes available, which take time and effort and they will cost YOU money and most likely void your warranty completely.
DON’T WASTE YOUR TIME AS THERE IS A FREE SOLUTION:
Go to the XBOX Live website and register your console, then submit a ticket to them describing the error and you will find the “red ring of death” is covered by them regardless of your warranty, as it is a known XBOX fault. 🙂 – Well that was my experience as my Xbox was over 3 years old and had definitely passed it’s warranty date.
After a successful fault submit, Xbox send you an email with your a UPS barcode stamp that covers the postage. All you need to do is buy a box to hold the console safely. My total expense was £5 and UPS delivered my broken Xbox to Microsoft Repair Centre in Germany within a day. I received an email from them saying they had my Xbox and it would be repaired within 2 weeks.
Well, imagine my surprise when I received my Xbox today (it took 10 days from the day I sent it off, to receiving it back in working order). That is incredible if you consider the UK had a bank holiday weekend in between.
That is fantastic support and service from Microsoft / XBOX.com and UPS. Well done to all concerned. 😀