Try A PS3... Unless you are extremely into Halo.
Oh yes, cuz I'm going to re-buy every game I got for my 360 and then buy a PS3 on top of that.
Hell no.
If you pick the third option, then there are some steps you need to follow. But first, NEVER USE THE TOWEL/PENNY/ETC TRICK! EVER! That is the number 1 cause of irreparable Xboxs.
Ok then, now you need to check the error code of your Xbox. Because you have 3 rings, you have a general hardware error. To find out the specific problem, you have to find the code. To find the code, the ring should light up with 1-4 segments. If it's 4 lights, it's a 0. 1 means 1. 2=2. 3=3. Hold down the "Sync" button and press the eject button. Write down the first number. Still holding the sync button, press the eject button again. write down the second number. Find out the 3rd and 4th numbers the same way. After you have your 4 digit code, find it on this list and see what your problem is.
As an example, my Xbox got an error code 0102. To fix this, you have to do the x-clamp fix. I followed it carefully and to the letter, and now my xbox is up and running for just about $10.
Guess what fix I did?
Yes, the X-Clamp fix. It didn't work.
My 360 originally, 5 months ago, had the 0102 error code.
It has it again, it's even worst than it was 5 months ago.
Also, you have to be really idiotic to try the towel trick.