I called Microsoft support, expecting to have to pay for a warranty repair. Happily, while the support rep walked me through his trouble-shooting script, the console displayed the Red Ring of Death for the first time. I was able to boot the 360 a couple more times after the first RRoD, but it inevitably failed to the Red-Ring-of-Death state within minutes or seconds.
The reason why I’m happy about this, is because I was one of the ‘lucky’ ones that acquired the 360 at launch – November 22, 2005. Microsoft’s extended RRoD warranty lasts three years from the date of purchase. My 360 RRoD’d just days before the third anniversary of my purchase date. As a result, I qualified for the free replacement.