Well it finally happened, after owning my Xbox for a little over a year, tonight I got the dreaded red ring. After contacting Xbox support via Twitter (@XboxSupport) and getting a rapid response! they sent me this link which walks you through diagnosing flashing lights on the console. After following the appropriate steps it looks like the 120GB hard drive may be the source of the problem. Honestly, I hope this is the problem because I can easily get a new hard drive tomorrow and a data transfer kit and copy everything to a new hard drive. I guess I will see tomorrow after work.