Is Xbox 360 Elite Has Red Ring of Death ?

yes it does some can be fix with a disk cleaner and some are due to hardware failure. http://www.squidoo.com/repair-xbox-360-red-ring-of-death you can read more about it

Suggestion:

u can not fix it with a disk cleaner lol the three red lights is a problem with the cpu and gpu chips they overheat cuz of the crap heat resistant solder they use melts off