Xbox.com is a great website for things related to the 360. http://support.microsoft.com/kb/941377/en-us is what you need to know. You would have found that information visiting xbox.com and typing in "1 flashing red light" in the search function.
Intentionally breaking your console to take advantage of the warranty is absolutely illegal, and discussion of illegal activities is a no-go on GameSpot. Please don't ask these questions anywhere on this site.
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