Error 68 (1 red ring)

According to the Internet, it is a Hard Drive Error. Try playing without it or take it out and put it back in. In most cases you may need to take it in and get it repaired or get a new Hard Drive.

EDIT :: Apparently, a temporary but slightly annoying solution is to take the AV Cable out and power on your Xbox, the 4 red lights will flash and after about 10 seconds put the AV Cable back in. Can not confirm if this may or may not work, but some people have claimed this to be a temporary fix.

Ah, I guess it's not under the 3 RROD warranty, but the 1 year hardware warranty or-? =P

Try this fix I posted, but you're probably going to need to call Xbox Support. 1-800-4MY-XBOX.

Alright I'll try it. I'll give you an update afterwards =). Well, while I was typing this, my xbox just powered on without a problem (after turning it off) I guess it's not a problem if I turn it off then on really quick. I'll leave it off for about 10 mins and try again

Ok, so this morning my xbox had the red ring again (it appears to come randomly...) I turned the console on and off for a while until the red ring dissappears. (I tried the AV cable thing and no go). After I get it to work again, when I turn it on, I am unsure whether it will get the red ring or not, and when it does, I usually need to turn it on and off about 5-10 times for the red ring to dissappear When it's on though, it works perfectly.

Dang. Looks like it's time to take'er in for a repair. Sorry dude.