Suggestion:
I only had the one ring but that was enough to stomp my heart into the ground. There is a MS website for the troubles on the 360 and it will walk you through with questions about your ring and determine if you can fix it or if it has to go in for repair. A good friend of mine had 4 rings. His and my choice was to go to a gamestop store and buy a refurbished for $159. I then just transferred the hard drive over and was back to playing. You will have to see if the 2 rings indicates a hard drive problem. Hope not for your sake. (Wal-mart online also sells a refurbished for $199 but you get a HD and two controllers.)
{ 3 comments… read them below or add one }
Check all your connections and make sure they're firmly secure. If that doesn't help, I would send it in for repair if you still have the warranty. And where you put the xbox is fine, just keep it off carpet so it can properly flow air.
Two flashing red lights means the console is overheating. Make sure there is plenty of room around the 360 so it can vent out the heat it generates. Do not under any circumstances keep it in an enclosed area such as an entertainment center. If the console has plenty of breathing room then there may be a problem and it might need to be repaired.
My xbox360 did that i had to send it to get fixed so i would do that.
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