Yeah, red ring of death. There's various "fixes" around the web, like the towel trick. I've actually had some positive experience with the towel trick, but it only works for short periods of time. Whether you're under warranty or not, best thing to do is to contact MicroSoft.
yeah its dead , like everyone else said if its under warranty then great! But if its not then i recommend getting the new xbox its quiter and smaller and mine has had no problems since i got it (at launch day)