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The RROD warranty is at worst tied to the date of manufacture. It doesn't matter if you're first/second or third owner. So if you bought a 2nd hand 360 which was made in 2009 you'd be covered until 2012. This is different from the normal warranty which covers IIRC disc drive, HDD, your face etc.

(I looked up buying a 2nd hand 360 so I remember it hehe)