Xbox 360 giving me problems.. is it worth taking in for new one?

Question

So last night i was watching a movie, pretty good movie i might add. And in the middle of it the power seems to go off for a split second, which is weird because after that happened, my 360 had the 3 red rings things. Its done it twice before, but then when i turn it off and turn it back on, its perfectly fine. I have the 3 year best buy warranty, and last time i did bring it in, they told me it was in the first year so MS had to deal with it. So if i were to bring it in today to Best Buy, what exactly is in store for me?... Pun intended. are they going to give me a new one, or just decide nothing can be done until the red rings are stopping me from even turning on the 360.

I do have a video of it happening when i was watchin the movie. here: http://s55.photobucket.com/albums/g143/spitfire3607/Consoles/?action=view&current=003-4.flv

P.s. I can still play on the actual console. And there is another problem. When playing the game, after i save the game (GTA) i go to open the disk drive, and it gets stuck. Like it will come out about an inch and then just stop. Anyways if you can help me.. let me know if i should wait or go.

Answer 1

get it repaired, it looks like its only gonna get worse.  

Answer 2

Three lights flash red on the Ring of Light (RoL) on the front of your Xbox 360 console. The upper-right quadrant light is the only light that does not flash red.

The three flashing red lights may indicate that there is a hardware problem with your Xbox 360 console.

Send it in, Microsoft extended any warranty deal another year if the Red Ring occured.