Saturday night I jumped on to play some texas hold em and I got the red rings.  I called Microsoft and they first tried to tell me I was out of warranty and out of luck.  I told the nice guy on the phone that I was active in online communities and had heard of a defect in launch consoles and that Microsoft was repairing machines at no charge.  After putting me on hold for 10 min. the guy came back and processed a work order to get my box repaired at no charge.  Just have to wait a few weeks for them to send it back.  If your xbox was a launch system make sure you are covered under a warranty.  Dont think it will never happen to you.  I had a launch system that worked perfectly.... until.