After playing a bit of Fable 2 last night, the colors all of a sudden started to go crazy, so I decided to reboot... and there we go, flashing red! Giving me the error code saying there's an error in the AV department.
Talked to my friend about this, and apparently a friend of him had the same thing happen while playing Fable 2 as well, and searches reveal similar findings really, so, I wonder...
Anywho, the Xbox was bought on release and deserved to rest now really, as I've been wanting a new Xbox Elite regardless, so, yay! :D