You have RROD Or RLOD aka red ring of death or red light of death
Meaning that your systems CPU chip has over heated and melted the solder around it creating the soldering bridges, soldering bridge is when 2 different components melt into one.
So what you can do now is go on YouTube and find guy named Gilsky he shows how to take PS3 and Xbox apart and how to resolder the CPU and it will work again.
You can send it to Microsoft and they will charge you money unless its still on warranty.
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Normally, red lights signify that the 360 is having trouble reading a disc properly, or has overheated. In these cases, either reinsert/clean the disc properly or keep the 360 off for a while, respectively. If the red lights blink three times, then you are a victim of the horrendous Red Ring of Death. The only fix for this is to call Microsoft for support, or shell out $200+ for another new console (try to get it fixed first, by all means).
SYMPTOMS Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360...Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360 console. The upper-right quadrant light is the only light that does not flash red.
You will see the following indicator on the front panel of your Xbox 360 console, which will repeatedly flash on and off:
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The three flashing red lights may indicate that there is a hardware problem with your Xbox 360 console. Back to the top
If you are experiencing this problem, you can submit a console-repair request online. However, before you submit your request, first try the following two steps to verify the problem: # When you turn on the console, look at the light on the power supply. The power supply light should illuminate green even if the three lights on the Ring of Light flash red. If the power supply light is not green, please follow the steps in one of the following Microsoft Knowledge Base articles: 906101 (http://support.microsoft.com/kb/906101/ ) Troubleshooting your Xbox 360 Power Supply when the light is red
906102 (http://support.microsoft.com/kb/906102/ ) Troubleshooting your Xbox 360 Power Supply when the light is orange
906103 (http://support.microsoft.com/kb/906103/ ) Troubleshooting your Xbox 360 Power Supply when the light is not illuminated # Turn off the console. Wait 10 seconds, and then turn on the console again to see whether the problem re-occurs. Back to the top
If the steps in the previous section did not resolve your issue, your console may have to be repaired. For more information about how to start the online repair process, please visit one of the following Web Page links: United States customers - Online console repair (http://support.xbox.com/support/en/us/nxe/LiveIDSignIn.aspx? redirectUrl=http://support.xbox.com/support/en/us/nxe/registerdevice.aspx? step=repair)
Outside the United States - Online console repair (http://www.xbox.com/support/)Note: Online console repair service is currently not available in all countries and regions. For more information about how to contact Xbox Customer Support directly, please visit the following Microsoft Web site: http://www.xbox.com/support/contact (http://www.xbox.com/support/contact)
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---- APPLIES TO * Microsoft Xbox 360 Video Game System * Microsoft Xbox 360 Hard Drive (20 GB) * Microsoft Xbox
If it doesnt come on it might have red light of death
what happend was you xbox overheated and it melted the CPU chip on your board, well didnt melt the chip but the solder around it there for it made soldering bridge connecting by melting 2 different component slots of solder into 1 so you will have to take it apart and resolder it. Or you can send it to Microsoft and they can fix it for ya for some $$$ out of your pocket but mostly they just give you new one and you loose all you data and saves so i did mine my self.
You tube has guy named gilski he shows how to fix ps3 and xbox red and yellow lights of death
You need to call Xbox.
Xbox contact #'s:Hours of operationPhone assistance is available seven days a week.issues
issues
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(Got off Xbox.com)
Your xbox console will no longer play games and needs to be sent in for service. Call 1-800-4my-xbox or go to xbox.com/support to have it repaired. It is free to have the red ring of death repaired no matter when you warranty expires.
Just a cord fail so check your cords make sure they are connected correctly and if not find out which one is bad and replace it simple as that