For the third time.
And now I'm sad.
The first time it happened, we sent it in to Microsoft, and then the second time we just decided to buy a new one. A couple years later I decided to fix it with some of that Arctic Silver stuff and it's been working for the past four months, but two days ago it died again. Now I have to wait a couple weeks before I go back home to try and fix it again.
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I've had mine since early 2008. It has only red-ringed from a hardware failure once, just a few months ago, but I just turned it back on a few minutes later and it was fine. All the other times it has red-ringed were from overheating.