tk - don't worry, MikeB, TheBigFatJ, and others are just trying to intimidate you with their arguments and reasoning.
Red Ring Guide:
4 Rings - The A/V cable is either not properly connected to the Xbox 360 system, or is not being detected.[19] Check cable and connector.
3 Rings - bottom-left quarter Console is experiencing a hardware failure. Contact Xbox customer support
2 Rings - left Console is overheating Turn console off, unplug power supply
1 Ring - bottom right General hardware failure Contact Xbox customer support
If it's just 1 ring, contact Microsoft, and they should be able to give you an over-the-phone fix, or be able to tell you what the exact issue is via the X360 diagnostic system. Don't panic, everything will be fine.
MikeB, why are you lying by saying that problems are "popping up all over various intenet forums" and only post problems from NeoGAF?
Back from the dead, I'm afraid.
