Sorry to hear you're having problems. What you're experiencing is something referred to as the Red Ring of Death. It is covered for up to three years from your date of purchase. Call Microsoft and schedule a return. They'll send you your coffin (box) along with the free postage. Send it in and you should have your repaired 360 back in around a month.
i just got mine back not to long ago it took 3 weeks.. they will just send you a refurbished 360 in place of ur broken one.. along with 1 month of xbox live gold.
another thing i forgot.. you might wanna see if ur warranty is still active.. since you bought it in 2005 it might not be.. they will prolly tell you that on the phone.. i had mine for less than a year and it took a **** on me.. and to be honest i never really played it that much.. considering that fact i have all three systems the 360 is the only one to **** out on me..
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