I'm on my 6th Xbox. No exaggeration whatsoever.
1st one: Broken when I got it home from the store.
2nd one: Red Ring of death about six months later
3rd one: Red Ring of death a year and a few months after that.
4th one: This is the one Microsoft sent me to replace #3. Fed-Ex "lost" it during return shipment from repair.
5th one: After calling Microsoft and Fed-Ex, who both said "it's the other guy's fault" I got Microsoft to replace it. This one gets the R.R.O.D. about eight months or so ago.
6th one: Still going, knock on wood.
It'll cost around $150 all told. If it's relatively new, just call and give them a hard time for as long as you can until they cave and offer to fix it for free. Tell them Will sent you. They'll know who you're talking about.