too many redrings
Did you have the original Xbox 360, or the Slim version they now sell?
They supposedly fixed the red ring issue with the Slims; I've never owned a Slim, so I don't know about that.
Either way, the red ring issue is easily (and cheaply) fixable. There's a place in Birmingham that will do it for $20, but I'm sure there's probably a similar place near you as well.
Probably moot now that you have a PS3, but: