Here a referance for those who don't know what the lights mean.. Made very clear for you ;)
Xbox 360: Two red lights flash on the Ring of Light
SYMPTOMS
The two left quadrants of the Ring of Light flash red on the front of the Xbox 360 console.
CAUSE
This behavior occurs when the internal temperature of the console exceeds the acceptable limits. You may think of this as too hot, overheating, and so on.
Xbox 360: Three red lights flash on the Ring of Light
SYMPTOMS
You see three lights on the Ring of Light (RoL) flash red on the front of the Xbox 360 console. The upper-right quadrant light is the only light that does not flash red.
CAUSE
This behavior occurs when the Xbox 360 console experiences a hardware failure.
Xbox 360: Four lights flash red on the Ring of Light
SYMPTOMS
All four lights on the Ring of Light flash red on the front of the Xbox 360 console.
CAUSE
This issue may occur if one of the following conditions is true:
•The audio-visual (AV) cable is not correctly connected to the Xbox 360 console.
•The cable is not being detected by the console. This issue is not caused by incorrectly plugging the AV cable into a TV, a stereo, or a VCR.