i would call up microsoft, and have them send out a box for it, so yuo can send it back and get it repaired/replaced. 3 our of the 4 lights, means its overheating, and needs to be repaired.
It also depends because if the lights are going around circular with the ring, then it could be connection with the video, or power. Mine did that and all i had to do was check the connections.
Agree with both of the above. First unplug all of your connections (Video and power) and then plug them back in tight. Turn on the unit and see if the lights are still there.
If they are then call Microsoft for repair, the RROD (Red Ring Of Death) as it is commonly called is usually caused by some sort of hardware failure. This one specific problem has a 3 year warranty from the date of purchase. So you should still be good until December of 08
The dreaded three lights of death. The worst part about it is how long it takes to receive the stupid shipping coffin. Once you actually get it sent in it'll probably be less than week until you get it back...which is admirable considering the four freaking weeks it takes to get the box.
I guess the one good thing about this is it happened while we're in a gaming slump. There aren't too many big name hitters coming out for the 360 until April or so.