Wow! did your Xbox 360 show the three red lights of death recently, hope you did not freak out, when mine did I almost cried, because it was nightmare. "When I have those red lights showing on my game, what do I do?" this was the exact question I kept asking every one I thought I could get some help from. You have only three things that can actually be done to remedy the situation.
Here they are:

You could send your game back to Microsoft and have them fix it as they are the manufacturers and they know how to get it fixed. The bad news is, if your Xbox 360 is out of warranty, then it would cost you a really good sum of about $140. In addition to this inordinate price it will take almost firever for it to be fixed and returned to you. Many Xbox 360 users who have had to send their gaming systems over to Microsoft have complained that it takes upto six weeks for Microsoft to get it fixed.

You can opt to take it to a repair shop. In taking your gaming system to a repair shop don't expect them to charge you $5 and to return it to you in five days, it would require your money which would cost you between $50 - $100 for the service and also your patience. This is because it would take about a month for it to be repaired.

The last alternative that you've got is to repair your Xbox 360 yourself. Hey, I am not talking about the towel trick or any other misguided fix you may have come across. Take note that wrapping up your game unit in a towel, will only cause overheating the unit and may end up setting your console on fire, thus, damaging it beyond repair, so don't do it! You should get an online repair guide, and follow the simple instructions made available.

There are so many of such guides available which treat the Red Ring of Death extensively.

So from these three ways of fixing your Xbox that I have given you, I hope that you would be able to fix your gaming unit as soon as possible