1. Try the towel trick. It will get your machine to work for a while. Wrap the system up with 2 towels and let it play for like half an hour. It will overheat, and you will get flashing red lights. You then unplug the system, take the towels off and let it cool for half an hour. Then it should start right up.
2. Call Microsoft and tell them you have the red rings, they'll fix your shit for free.