The XBox 360 Red Ring of Death problem is caused by overheating. When Microsoft made their slim and modern console they didn't realise the small size, powerful components and lack of sufficient cooling equipment such as fans and head sinks would cause so many problems.
To try and prevent getting the Red Ring of Death, take note of the following:
Soldering Supplies
Don't block any of the ventilation openings on the Xbox 360 console. Don't put the Xbox 360 console on a carpet, bed, sofa, or on any other soft surface as this could block the ventilation openings. Don't put the Xbox 360 console in a confined space, such as a setero cabinet or bookcase unless the area is well-ventilated. Don't put the Xbox 360 console near any heat source, such as a heater or amplifier. If your XBox ever overheats, never put it in a cold area to cool down. The condensation this will produce will short out the console making the situation worse.
If you have the Red Ring of Death, try the following:
First restart the console. If this does not help then: Turn the console off then unplug all the power and AV cables from the console. Unplug the power cord from the wall socket. Reconnect all the cables firmly, and turn the console on again. If the 3 red lights are still glowing, turn the console off, remove the hard drive, and then turn on the console again. If the 3 red lights error is no longer displayed, turn it off again, re-attach the hard drive, and turn it on again. You should also examine the lights on the power supply. When the console is turned on, the power supply light should glow green even if the three lights on the power button flash red. If none of this has helped then it needs to be opened up and fixed. You could either send it to Microsoft for repairs which takes between 10 days and 3 weeks, or you could try to fix it yourself.
If you do try to fix it yourself make sure to find a decent and safe fix. Do not under any circumstances try the "towel trick" which instructs you to wrap your XBox in a towel. This will cause the XBox to overheat even more and cause even more problems. There are many fix it guides on the internet, but be careful which you choose to use. Many of them instruct you to solder your XBox.
A reputable guide on how to fix the Red Ring of Death can be found at: