There are many flashing red light problem that needs to be fixed. Actually they are all have 4 flashing red lights problems. However if you only one flashing light then it is not really a big deal, you only need to restart your system and it will be solved. However there is still possibility that your xbox might have red ring of death later on. For this you need to prevent it earlier if you do not want to have big problem at the end.
Other problem that you may have is two flashing red lights, for this most probably that your xbox get overheating. But wait! do not put your xbox into fridge or what more freezer! That silly! Do not wrap your xbox with cold or hot towel also! all out have to do is to buy cooling fan and install it into your xbox.
If you have three flashing red lights, this is really the one that you need to handle seriously! since that means you have problem with your hardware system! You need to fix it right away. You can get flashing red lights fix through internet. Just browse these sites xbox360redlightfixguide.com, 3redlightfix.com, 360fixkit.com, or you can also check it out here xbox360redringofdeathfix.net. And if you have four flashing red lights, you need to check your room temperature or ac cable! so it is not difficult to get flashing red lights fix but also not that simple. You can get this flashing red lights fix easily at internet, however you need to be wise also to select them.