The Red Ring Of Death

Last night I wanted to watch Thor and use my Xbox 360 as a DVD player. That didn't happen. It all started with the screen freezing up and then it wouldn't even turn on properly. All of a sudden the ring around the power button starts blinking red....great. My first instinct when I see a red flashing light is danger. I started freaking out and now I'm really worried because apparently the blinking red ring of doom means a possible malfunction that I can't fix myself. The only reason I got my Xbox in the first place was because it wasn't working for one of my friends and my uncle fixed it and gave it to me. He said he would come over and attempt to fix it but I don't think anything will happen. What am I going to do? I love my Xbox as if it were my own flesh and blood!I am doomed! I guess I'll just have to wait and see what happens. Hopefully I wont have to pay for a new one. If I do then I may be able to buy my uncle old Xbox for $75.