RROD
Red ring of death
Example
My XB360 has gone RRoD
RRoD definition by Slang.net
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Xbox 360 owners use the acronym RRoD to refer to the infamous "red ring of death," which signals the console has suffered a serious hardware failure. The RRoD takes the form of three flashing red lights surrounding the console's central power LED.
If your Xbox 360 is showing the RRoD, and unplugging and restarting your console does not resolve the error, you will need to have your console serviced. Note that if all four lights surrounding your console's central power LED are flashing, your console is experiencing an AV cable error, not a hardware failure.