About a week after I first bought my 360 Elite sometime at the beginning of last year, I got the 3 red lights AKA RROD as well. I did the same thing - turned it off, waited maybe 5 minutes, turned it back on, and haven't had the problem since.
I think I heard it say, "Bitch, don't get comfy over there, I can own you at any time!" but I can't be sure.







