This brings back a lot of memories...albeit horrifying ones.

I got my own 3 Red Rings of Light story last time, and the 360 took a beating from my frustrated moments. Ended up changing the HDD.

If you're adventurous, open up your 360 and check the thermal paste (yes, the thermal paste) on the processor in the 360. Some DIY work does solve it for some of the folks on Xbox.com forum. This error might also indicate indeterminate hardware failures on your 360. Try removing the components ( HDD, Memory units, AV cable, power cord) and reinsert them back one by one. Check if this works. Also check if your transformer is working as it should. Since Japanese models requires stepdown current, this was another crucial part of the equation that needed satisfying.Try swapping other working transformers and see if it lifts the error code away.

Other than that, i wish you good luck.