I got the rrod today, had the xbox for about a year, I was convinced that they were done being rrod'd but looks like I was retarded.
just sitting there in my netflix queue, about to watch some bad ass horror movie, all of a sudden I hear this static noise and get this patch framework on my screen and it's no longer responsive, I turn off the xbox, turn it back on, rrod. don't know if I can rma it because my fiance had the forethought OF SMASHING A BEER on it a few months ago.
pic included.

Your own fault for owning a console.

Fixed.

Fixed more.

Well, it's not all about Microsoft consoles... I know this guy whose very well cared PS3 died with Yellow Lights of Death out of no apparent reason.
The truth is modern consoles are all expendable. Stick with your PC and be happy.

I only have 2 friends that own PS3s, and they have gone through 3 each.

well, I am not sure what happened, but it appears after moving the power cable, it is back to life, it maybe just needed to be reseated..

That's pretty terrible. I do enjoy the PS3 a little more, but there's just something about that 360 controller that just feels right, and it has many games that I love, like Gears of War, Banjo Kazooie: Nuts and Bots, and Dishwasher: Dead Samurai. XBox Live, while having a fee, has the best multiplayer experience, with everyone owning headsets right out of the gate (for better or worse). I also find 1 vs. 100 to be pretty addicting, and the Netflix support is a beautiful thing.
That being said, I've had my 360 sent in SIX times, because the damn things just aren't as well-made as Sony's colossal machine. Dealing with Microsoft's support staff has also been a bitch. Well, hope everything goes well with replacing it! Hopefully, they'll give you one of those new models. I've heard they're much more reliable.
EDIT: Whoops, looks like I took too long writing my response. Glad to see it's working again!
Just out of curiosity, what movie were/are you going to watch?

Im on my 3rd 360 and not really using it since i got a new monitor for my pc lol. Im even thinking of selling it on ebay. Anyways there are also some errors that look like the RRoD could have been one of those.

nope, I was overreacting, it rrod's now for sure.

Damn. My 360 acts in sort of a strange way; once in a blue moon, it will red ring. I turn it off, wait half a minute to let things cool down, turn it on again, and it works fine. I could fix it, but seeing as I had to go through their awful customer service six times, I think I'll be fine unless it goes beyond the point of no return.

Mine is actually a release day 360 which has made it this far >.< touch wood. I know its that old, but I got it on the cheap a few months ago. I'm hoping its going to survive for a long while.

Good luck with that. I'd knock on wood for you, too, but every time I make a fist I realize my desk is fake wood.

I've been through about six consoles since launch day. Jasper chip seems to make a difference, and I've had no problems since... well, March.

Oh yes, because we all know that PCs never fail, right?
I and several friends also have PS3s. Never had a single problem with them. We are all on our original PS3s. Conversely, I know someone who purchased an Xbox360 only for it to RROD ten minutes after setting it up. Their second one lasted only 2 days. They are now on they're third one which has, so far, lasted a couple of months.
Now, OP, I would still at contact Microsoft if I were you, you may find them willing to help regardless of 'beer' status.