Red Ring of Death

Edit 2009.12.11
I got my Xbox back!  It ended up being replaced by a "Certified Microsoft Replacement Xbox360 Console".  At first I was disappointed to get a different used one.  But after inspecting it (looked brand new, no scratches, etc) and hooking it up, it ran fine.  I guess as long as it works and won't RRoD again, I'm happy.  They also sent a 1-month of LIVE card too.

Edit 2009.11.24
Microsoft sent an email notifying me that they received my 360.

Edit 2009.11.17
Mailed the 360 using the prepaid UPS lable.

Edit 2009.10.27
Submitted a repair request.  Now I wait for them to mail me a box to send my 360 in.

Edit 2009.10.26
RRoD again!  I think I'm going to have to send it in.  =(

Edit 2009.10.19
It seems like the red ring was a heat issue.  The 360 turned on after I let it cool off.  But then froze again after approximately 10 minutes.  Later I tried putting a small desk fan behind the Xbox, blowing across the back.  It didn't freeze once, and I was able to play for a couple of hours straight.  RRoD defeated!

Original Post
My Xbox finally got the infamous Red Ring of Death tonight.  I was playing Street Fight IV, and all the sudden I heard scratchy sound.  Then the screen had rain-like static and froze.  I turned it off, waited a few minutes and turned it back on.  Instead of starting normally, I was treated to the RRoD.
I got worried and turned the machine off.  I waited a bit longer and restarted it.  This time it started fine, phew!  My friend Keun had the same problem.  He told me that that's how his 360 eventual died.  Eliu also had RRoD twice.  And Chris once this past summer.  It seems like I'm on track to be next!
Here is what Microsoft support page has to say about this issue: http://support.microsoft.com/kb/907534.
Also keeping in mind that back in July 2007, Microsoft extended the warranty to three years.  Mine was manufactured September 2007, so I'm safe.  But if you need to dispute the warranty, you can call them at (800) 4MY-XBOX.