I get that when i mess with the power chord... usually i unplug then plug back in. It fixes the problem.
Not the three lights, no. It means that the Xbox overheated, the board possibly warped, and the solder joints holding the main processor unit (or is it the GPU? Can't remember) ran. It IS fixable in your home IF the board isn't shot (as long as you have a 15 watt iron and some silver base solder)
Pff. Enjoy your RROD. I was playing Mortal Kombat Armageddon for like... 7 hours with friends. On my PS2.
Or not. Half the coolers out there do more harm then good. Basically, just play in a well venitalted area. Use a fan.
I still have my original PS2 back around when the system first launched and still works fine. So does my N64, Gamecube, etc. There is no reason a console should have a problem like that the way Microsofts 360 does. It's just crappy engineering in my opinion.
Poor heat dissapation. Then of course the 360 is a great deal more powerful then say, the N64. So a lot more heat is generated.
Yeah Microsoft themselves acknowledge that the 360 had a problem with overheating, something design wise. I think it was last year, though, when they announced that they finally have fixed the problem.