It probably is the red ring for death Claudius.
But NO WORRIES! You can just send it back to Microsoft, and they'll send you a new one (or a refubrished one, or just fix it up, whatever its one that works anyway) FREE of charge.
You'll just have to call them up and explain that you got the red ring of death. They'll probably make you test it out or something before you actually send it in, but this is done all on the phone. Once the party on the other line realizes its the red ring of death, they will take down some info, send you a box to put your xbox in, and you ship it out to them.
It usually takes a week or two.
I've had the red ring of death.