Suggestion:
That is not the Red Ring of Death. The Red Ring is 3 lights on the console which indicates a hardware failure. Two lights, which is what you have, generally means the system is overheating. If your 360 is not in a well-ventilated area or an enclosed space, this can occur. So move it to a better ventilated area and the problem should go away.
Refer to the following link if you have any other questions.
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You fix it by smashing it.
Wrap it in towels and turn it on until is gets 3 red lights.
Call Microsoft and tell them you have 3 lights, and if you've bought the console within 3 years, you've got yourself a free repair!