This happened to me yesterday (with Left4Dead, but the game isn't relevant here) and solved it very easily. No, I didn't buy a new Xbox :P
Why this happens: Because Microsoft writes poor error messages, or have a lazy exception handling policy. Either way, the error may pop up even still your game disc is new (my case).
What you should do: first, read this ms support article. It contains a list of possible solutions, check 'em all.
What I did: after reading that, I discovered that my USB drive (I don't have a hard drive) was the problem. I simply copied my Left4Dead saved game and contents to the MU(internal memory unit) and cleared the USB drive cache (a maintenance option available somewhere in System Settings)
After that, I could play L4D again with no problems :)
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