When I use the ping tool, or am around certain effects like standing water, I get a green glitchy area around my gun model. Is this something to be concerned about? Is my Xbox on the out again?

I would just carry on if it is on 360. There is nothing you can do, even if your 360 was getting ready to die. Just hope for the best and enjoy the game, it is a good one. 

I'll definitely keep playing. I'm just curious if this dull sense of dread I have is necessary, though. Thanks for the reply though!