Over on another forum they listed how to decipher what your Xbox360 is trying to tell you when you get the three rings of light. There is a code that will flash if you hold down the "Synch" button (White button near the memory slot) and press the DVD Eject button. You will notice the quadrant of lights illuminate and each time you press the eject button you will get a different code.

It breaks down to this:

All four lights illuminate = 0
One Light = 1
Two Lights = 2
Three Lights = 3

Example:

Turn on your "dead" xbox. Wait for the 3 red lights. Once you get them hold the "Synch" button and the eject button down simultaniously. All four lights flash. (0) Press the eject button again and only one light (1) press again and all four light up (0) press again and two lights (2). Error code is 0102. compare this code to the table below to find out what is wrong with your X360. Is it overheating? Power Cord? Hardware?

The Code he got was 0102 which means the computer does not know the problem as it is not hardware or heating or anything like that. Could be dust, loose solder or static! He used a can of compressed air and his X360 IS BACK!!!!!! He did not know for how long but he played several hours after and had not one Hiccup. This after a whole week of the dreaded RINGS OF DEATH!!

Here is the list

0001 power supply problem
0002 power supply problem
0003 (not yet known)
...
0010 over heating
0011 over heating
0012 over heating
0013 over heating
...
0020 (Not yet known, possibly overheating)
0021 (not yet known)
0022 GPU Error / GPU Overheating
...
0101 (not yet known)
0102 unknown error - literally means the console does not know what is wrong. Possibly a short or cold solder joint somewhere (2 reports of people repairing this, one was removing moisture build up inside the console, the other used a hot-air rework to reflow the BGA Ram chips)
...
0110 Memory Error / Memory Overheating
...
1003 Hard Drive Error... It could be a problem with the Hard Drive itself or a problem with the internal connection to the hard drive, Try removing the hard drive and playing without it
...
1010 Hard Drive Error, Can be caused buy a currupt or missing Eprom.
...
1013 (not yet known)
...
1020 (not yet known)
...
1022 AV cable error... There is a problem with the AV cable, try using a different AV cable. (could also be a problem with the encoder chip)
...
1030 (not yet known)


Here are some other codes they posted!!


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Sections 1, 2, 3, and 4 are flashing red
- The AV cable cannot be detected



THINGS TO TRY

Make sure that the AV cable is correctly connected to the Xbox 360 console.
Disconnect the AV cable from the Xbox 360 console, and then reconnect the AV cable to the Xbox 360 console.
If the four flashing red lights continue to flash, try wiping the metal area of the AV pack with a dry cloth. The metal area is the end that plugs into the console. Wipe the metal area thoroughly, and then try the AV Pack again.
If the AV cable is correctly connected but the four red lights are still flashing, substitute a different AV cable if you have one available.
=============================

Sections 1, 3, and 4 are flashing red
- General Hardware Failure



Check the secondary Error Code per the instructions in the section below

THINGS TO TRY

Try restarting the console.
If restarting the console does not resolve the behavior, follow these steps:
Turn the console off.
Unplug all the power and AV cables from the console.
Unplug the power cord from the wall socket.
Firmly reconnect all the cables.
Turn on the console.
If these steps do not resolve the behavior, turn the console off, remove the hard drive, and then turn on the console. If the 3x Red LED error light is no longer displayed, turn the console off, re-attach the hard drive, and then turn on the console.
Also examine the lights on the power supply. When you turn on the console, the power supply light should illuminate green even if the three lights on the RoL flash red.


=============================

Sections 1, and 3 are flashing red
- Overheating



THINGS TO TRY
Let the Xbox 360 console cool.
Note You may have to wait several hours for the console to cool enough. Do not turn on the console when the console is hot.
Verify that the console has sufficient ventilation and that the fan is operating. For more information about ventilation, see the "More Information" section.

PREVENTION SUGGESTIONS
To try to prevent this problem, use the following precautions:

Do not block any ventilation openings on the Xbox 360 console.
Do not put the Xbox 360 console on a bed, on a sofa, or on any other soft surface that may block ventilation openings.
Do not put the Xbox 360 console in a confined space, such as a bookcase, a rack, or a stereo cabinet, unless the space is well-ventilated.
Do not put the Xbox 360 console near any heat source, such as a radiator, a heat register, a stove, or an amplifier.

DO NOT EVER PUT YOUR CONSOLE IN THE FREEZER OR OUT IN COLD WEATHER
Some people think that doing this might help "fix" an overheating console, in fact doing so could cause even bigger problems. Electronic devices like your console are made to function at and around room temperature, extreme cold temperatures can often cause just as many problems as extreme warm temperatures (such as overheating). Also if the console is located in a dramatically cold area while running, the difference in temperature between the hot console and cold air can create condensation which in turn will short out your console making the situation far worse. Condensation will happen more quickly if your console is overheating due to the greater difference in temperature. In short... DON'T DO IT.


=============================

Section 4 is flashing red
- Hardware Failure



The Specific Type of hardware failure can be determined by the error code displayed on the screen.
If the screen is blank or you would like additional information follow the instructions for determining the secondary error code in the section below

E64: (not yet known)

E65: DVD Drive Error.... DVD Timeout, Wrong firmware, dvd is without f/w chip, etc.

E67: Hard Drive Error... It could be a problem with the Hard Drive itself or a problem with the internal connection to the hard drive, Try removing the hard drive and playing without it

E68: Hard Drive Error... It could be a problem with the Hard Drive itself or a problem with the internal connection to the hard drive, Try removing the hard drive and playing without it, This can also be caused by a Hard Drive Eprom Error.

E69: Hard Drive Error... It could be a problem with the Hard Drive itself or a problem with the internal connection to the hard drive, Try removing the hard drive and playing without it

E71: (not yet known)

E73: (not yet known)

E74: AV cable error... There is a problem with the AV cable, try using a different AV cable. (could also be a problem with the encoder chip)

E76: (not yet known)

E79: Hard Drive Error... It could be a problem with the Hard Drive itself or a problem with the internal connection to the hard drive, Try removing the hard drive and playing without it

I've gotten the 3 rings of death before. Know how I fixed it?

Just pulled out the cable that goes into the back of my 360 to the back of an hdtv or vga monitor and just put it back in making sure it was firmly in place and it worked fine ever since.

I've gotten the 3 rings of death before.

For some reason my 360 has the 1st and 2nd section flash back and forth green from time to time, I duno what thats supposed to be, does it quite often.

I wonder if there is a problem with the controller .. hmmm, although the controller is working fine, it's a wired controller, any idea's what this might be ?

I've gotten the 3 rings of death before. Know how I fixed it?

Just pulled out the cable that goes into the back of my 360 to the back of an hdtv or vga monitor and just put it back in making sure it was firmly in place and it worked fine ever since.

For some reason my 360 has the 1st and 2nd section flash back and forth green from time to time, I duno what thats supposed to be, does it quite often.

I wonder if there is a problem with the controller .. hmmm, although the controller is working fine, it's a wired controller, any idea's what this might be ?

I've gotten the 3 rings of death before. Know how I fixed it?

Just pulled out the cable that goes into the back of my 360 to the back of an hdtv or vga monitor and just put it back in making sure it was firmly in place and it worked fine ever since.