I bought a 360 around October of 2006, which means that my 360 is still covered under the three year red ring warranty. The thing is, is that my 360 shuts off after a small time and displays two rings instead of three. I looked this up and it turns out my 360 is overheating. I guess the difference between the two and three red rings is the difference between my 360 being "almost dead" and "dead."
I'm afraid to ask Microsoft whether they cover this issue because I don't want them to register my 360 as having this particular problem so they can claim negligence on my part if the 360 does get the three ring error.
Does anyone have any experience with sending a two ring 360 to Microsoft and what their policy is? Their website just states that if you can't fix it by letting it cool down to call or e-mail them for a repair.
If it helps, my room is well-ventilated but small and I've run the console for countless hours, never having a problem with this 360 until just a few weeks ago.
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Can trade TF2 items or whatever else you're interested in. PM me.
Do as urahonky said, blow the dust out of it. My dad owns an air compressor, so thats what I used, and it worked!