it means somthing is not plugged in well
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Your cords in the back are not connected well or your XBox is dieing.
You should call microsoft, the number is 1-800-4MY-XBOX
It means theres an error when it happens just reset (turn xbox 360 of and on again) or if it still does it there mite be something wrong with wires etc.... =)
The Xbox 360 will over heat at around 89 degrees Fahrenheit then it will get the red ring of death and u will be out of luck
Yes the xbox 360 elite can get problems avoid leaving your 360 on for more than 24 hours and avoid the RED RING OF DEATH.