Fully wireless controllers, awesome graphics, outstanding community.
I mean who doesn't love the Xbox 360? I guess everyone loves it except for those that are having problems with it.
What Problems? The Xbox 360 has been associated with a variety of problems, one of the main problems is the 3 flashing red lights, or the red ring of death.
How Does That Happen? The problem varies from system to system, but the 3 flashing red lights indicates a problem with the hardware components of an Xbox 360.
You will not be able to access the Xbox 360 Dashboard or play any games until the problem is resolved.
So How Can We Fix It? Through my experiences with the Xbox 360 I have come to 2 primary solutions that people should follow if they are experiencing this problem.

1. Mail The Faulty System Back to Microsoft - Mailing a faulty Xbox 360 back to Microsoft is a sure way to resolve your problems.
   But how long does it take? The answer is around 4 weeks.
   Will Microsoft tell me how to fix the problem if it ever comes back? The answer is no, you simply get your system back.
   
2. Buy an Xbox 360 Repair Guide - Xbox 360 Repair Guides are also a sure way to fix your problems.
   How long will it take? Some repair guides promise that you will have your system back up and running within 1 hour.
   The best part about Xbox 360 repair guides is that most of them offer a Money Back Guarantee just in case it doesn't work out for you.
   

My recommendation for fixing the 3 Flashing Red Lights on an Xbox 360 is to try an Xbox 360 Repair Guide.