Just a pat on the back for myself... craked that puppy open, pulledt he heatsinks off of the video and processor - cleaned em up, put some heatskink compound on them from Radio Shack, put it back together and working like a charm! Total investment? $3.17 with tax.
Apparently MS used cheap goop for the chips because it was all dried up and hard as a rock.
From what I read online I guess the 3 lights are a safety guard as to not burn out the chips hence the reason it doesn't boot.
Sorry, I'm still amazed I fixed it myself. I was ready to toss it and trade in the $600 or so games I had to Gamestop. Carry on lol.
