It has been laying around for a while so I hooked it up the other day and that's what it did. Red light and says needs repair. I bought some items at an auction and it was included, not sure if someone did something to it or not.
It is overheating. Open it up and clean off all of the dust and everything else. It is really simple to take apart (YouTube will have many good videos). If you have thermal paste you could look into replacing that as well. Should cost you like $5 if you do not have any. The heatsinks (big metal things on the motherboard) will need to be taken off to do that however.
If you want you can join www.theisozone.com and ask them whats up. There are many Xbox guys there that repair consoles for a living and can offer some real good advice about your Xbox.
If I wasn't trying to save up 20,000 credits for something, I would be bidding on this game :) I have played it before and I love it! It's very well done IMO.
You're welcome for all the help. I've owned 4 xboxes so I should know something by now lol.