[underscore]

what you have is the precursor to the RRoD. more or less, you will get the RRoD eventually. check the build date on the back, there's a three year extended manufacturer warranty against the RRoD and E74 from that build date (possibly from the purchase date but I've always had to run off of the build date). Since you got it in 07 you still have some time to work with (I hope).

To get it fixed you go through the MS support site, you have to go through a bunch of their stuff where you make an account and reg the console to you, go through some more crap and then confirm it's still dead. You should be able to get the shipping label easily, either they mail it to you or they send you one you can print off.

As far as the actual full on RRoD, well I don't know how much they really check. The first one I sent in I got an email saying they recieved it around 10, then 45 minutes later an email saying it couldnt be repaired and they were sending me a new one (they will never actually repair your console, you'll get a different one back). So just telling them it's dead may be enough, otherwise just keep using it as much as you can til it does RRoD. If you want to try to force a RRoD there are ways to help it along, but I won't post those publicly as technically doing that is illegal (even though it's a well known fact 360's are poorly designed and fail like mad).

If you have any questions about the warranty process feel free to shoot me a PM, I've sent 5 of these pieces of shit into MS so I know the deal quite well by now.