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Microsoft has a one year warranty on all 360 models. Microsoft extended the warranty for the three ring error to three years. Regarding your question you should still be under the full protection of the original warranty given that the Elite at its earliest launched in April of last year. The only obvious exception being if you neglected or mistreated your machine.

Before you consult Microsoft however I recommend that if you have not done so get a can of compressed air, and give your machine a good blowing out. No point in going through a lot of hassle for a spec of dust. Also unplug your machine for a few minutes if you have not done so. The machine may simply be locked up. Not trying to be offensive in the least some people in real life don't actually know to do these things if they have a problem, and immediately run to customer support.

Anyway you should still be covered by your Warranty. The ring of death warranty extension shouldn't really apply.