Domicinator on 15 September 2008
We had lightening hit nearby a couple of months ago while I was playing my 360. It caused a power flicker, which in turn gave me a red ring. Turned it off and on and all was well. Has never happened since.
Check and make sure your power cable is attached securely. Make sure everything else is secure too. Probably nothing to worry about, but if you want to be sure, just send it in and get a replacement.
