Temporary fix I would advise ring up M$ though
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Lil' bit off topic but if your Xbox's warranty is over will you have to pay for it to be fixed?
Sometimes a certain amount of lights means you need to change your fuse or the wires aren't connected properly.
i get RROD all the time just unplug hard drive and wait 5-10 mins for cool down :P
If its 2-3 weeks old try and take it back to the shop?
And my 360 was sent back after a week, no quibble. It was on easter sunday when it broke and MS support line was fantastic.
If it's done it once it's likely to happen again. Keep going with it and if it keeps hapenning it's best to send it back. I got mine 3 weeks ago and it's been cool :)
I thought it was broken when I got mine back. They put a plastic cover over my disc tray(or just shipped a new 360!) and I didn't see it. Spent 5 minutes thinking the disc tray was jammed.