The red ring of death is when you get 3 red rings, which mean that your Xbox 360 has an internal problem. I've had this problem too and ive also had CD drive issues, so right now i'm on my 3rd and propably last xbox and if it breaks again...i'm going to take it outside, and smash it into tiny little peices.
Same as me. I've had mine since launch but only play it maybe 1hr or so a week. I want mine to break though so I can get it in to repair and at least let them do something to it before the 3yr warranty is up.