If it happens to your console there is usually nothing to panic about. Except for a few in almost all cases the 3 Red Lights error can be fixed on your Xbox. Immediately just try these simple tips.
1. You have to check that the console gets heated or not, if it gets heated then you have to switch off the power and unplug the Xbox. Keep the console in the open area for cooling and after it get cool then reconnect the console. And see that the proper ventilation is provided to the console while using, it is also good that place the console in the open area. Never place the vent of the console next to the wall; this prevents air from circulating in and around it and thus cooling its components.
2. After unplugging the Xbox for cooling then take it for cleaning or cooling either with the blower of the vacuum cleaner or a hair dryer with cold blower option and blow the dust trapped within the console. And never blow hot air into the console. There may be a chance of forming dust by over heating of the console.
After the console get cool, plug in and check for 3 Red Light error. If this error disappeared then your console is in safe side. And if it doesn't disappear then you have to think about what to do next. If the warranty of your console has not expired then it is easy to send the instrument for repair or for replacement. And also remember that once it is in the warranty center it will take the time around 2 months to return.
There is another alternative to this, you can repair it yourself. There are a few guides which help you step by step to get rid of the 3 Red Lights error. And this is the best option if the warranty of the console has expired or if you can't wait for two months.
I did not have the patience to send it to the warranty center even though it was under warranty period and I was able to successfully repair it. But its all up to you since opening the console while it is in warranty period voids the warranty. But fixing this error is quite easy and simple. And don't even have to open your console for a few solutions and if it works with it then why worry, your console is repaired and even your warranty is safe.