Luckily it isn't the 3-red ring of death. I'm told 1 ring is ok, and fixable. Error 74. Sometime it does turn on, but when I'm in game-play, the screen is fuzzy and it's hard to see. So a friend told me to wrap my XBOX in a towel, and leave it on for 2 days... I'm just hoping for the best solution and relaying it to you...HELP.
DON'T LISTEN TO YOUR FRIEND. According to this, it's an A/V cable error. Try replacing the a/v cable you have now with a friend's or a spare and see if it fixes the problem. You just have a general hardware issue somewhere. Don't bake your xbox in the towel.
I'm sure the other posts above have answered your problem, but yeah, don't wrap your xbox up in a towel. Wrapping it in a towel and leaving it on is the temporary fix for an xbox with the 3 red rings while you wait for the replacement box to come in. And even then, you only leave it wrapped for like 20 minutes. Leaving that thing on, covered for 2 days...bobdamnit, I wouldn't be surprised if that shit either melted or blew up.