Simply put I got 3 red rings, restarted the 360, 3 red rings. Went online and submitted the warranty and printed out the shipping label but ended up turning it on while taking the cords out and it runs fine now. Dante's inferno is going as I type. Did this happen to anyone else? Should I still send it in, or was something else wrong with it that somehow got fixed, the only thing I did was take out the power cord then put it back in to eject the disc. Anyways, gonna try and get through Dantes Inferno and Bioshock 2 so I can return the to gamefly and then PS3 games for the next few weeks I guess. Good thing Heavy Rain comes out next week, gives me a reason to get these back to gamefly.

Send it in, dude. It is not at all uncommon for 360 to get temporarily better, only to then get the 3 red rings again.

Your 360 might have overheated. The problem with the 360 redringing is heat which causes the mobo to warp and cheap soldering to break, giving your 360 time to cool down is probably what fixed it. It will most likely overheat and when it cools down it may not continue to work. Mine had freezing issues about an hour or so before it red red, after which I cracked it opened and fixed it permanently myself because it was out of warranty.
 
They may not want to replace it if they check it, although I'm sure if a system red rings they just take your word for it and send out a refurbished one.

" Send it in, dude. It is not at all uncommon for 360 to get temporarily better, only to then get the 3 red rings again. "

MIne red ringed the second I pulled a USB stick from it (wasn't in use). Soft restart, still red. Pull the plug and it's fine. It's gotta be some kind of motherboard short out, but it only happened once. Very strange.

good to know, I'll send it in. Hopefully it can last a day or two so I can finish up dante and bioshock 2. Then PS3 games for a bit I guess. Actually not a bad time with FF13 and MLB 10 and heavy rain out soon. As for the overheating thing, it was on for only about 5 min on the dashboard when it happened, either way I'll send it in. It's the Halo 3 edition, if they need to replace it will I just get another Halo 3 edition. I could care less since I got it since it was cheaper due to damaged box, just curious.
 
I played since my fist post and and it is fine so assume it'll last a bit longer, hopefully didn't jinx it though.
 
You think an old box from amazon and a lot of news paper or packing peanuts will suffice for a trip to Texas?

I've had the red ring in the past only for my 360 to carry on working, in fact I remember very clearly playing Guitar Hero 3 while the 360 was flashing 3 red lights at me one time. However, even if it works fine now the fact that it red ringed is unlikely to be a good sign, even though my 360 ran for longer than you'd expect after it started going through its 3 red lights phase it still did break not too long after the trouble started.

The 3 portions of Red Ring (AKA RROD) actually can indicate different errors.  Here's a guide from Xbox Xtasy to show you how to find out what they mean. I found it useful when I repaired my own out of warranty 360: -
 

How to find your error code:

The specific type of hardware failure can be determined by a "hidden" error code
• Turn the xbox 360 on, and wait till the 3 red lights are flashing.
• Press and hold the sync up button (the small white one), while holding that button press the eject button.
• The LEDs will now blink the first number in the code (as described below).
• Release the eject button and press it again.
• The LEDs will now blink the second number of the code.
• Release the eject button and press it again.
• The LEDs will now blink the third number of the code.
• Release the eject button and press it again.
• The LEDs will now blink the forth number of the code.
• Release the eject button and press it again.
• The LEDs will go back to the 3 red flashing lights.
You should be able to determine the difference between the 3 flashing lights and the error code lights by the rate in which they flash.

Here is how you interpret the LEDs to get the code number:
• All four lights flashing - 0
• One light flashing - 1
• Two Lights flashing - 2
• Three lights flashing - 3
0001 power supply problem
0002 power supply problem
0003 (not yet known)
...
0010 over heating
0011 over heating - If you are recieving this error after dissassembling your console make sure to all 8 of the heatsync screws are tightened securely to the board/heatsink holes.
0012 over heating
0013 over heating
...
0020 (Not yet known, possibly overheating)
0021 DVD Drive Time out - Can be caused by problems with a firmware flash. This is also speculated to sometime be caused by a problem with the southbridge chipset on the motherboard.
0022 GPU Error / GPU Overheating
...
0101 (not yet known)
0102 unknown error - literally means the console does not know what is wrong. possibly a short or cold solder joint somewhere. So far there is 1 major theory for what causes most of these errors is that the Ram, CPU, or GPU are not soldered properly to the mother board This can be solved by re-Heating the chips DO NOT attempt this if your console is still under warranty. If your console is still under warranty return it to the store where it was purchased or call MS to have it replaced.
...
0110 Memory Error / Memory Overheating - see solution for error 0102
...
1003 Hard Drive Error... It could be a problem with the Hard Drive itself or a problem with the internal connection to the hard drive, Try removing the hard drive and playing without it
...
1010 Hard Drive Error, Can be caused buy a currupt or missing Eprom.
...
1013 (not yet known)
...
1020 (not yet known)
...
1022 AV cable error... There is a problem with the AV cable, try using a different AV cable. (could also be a problem with the encoder chip)
...
1030 (not yet known)

my 360 RROD'd on me couple years back and i got this problem. 
 
Trust me, send it in.

If you have the warranty... send it in. If you don't? X-Clamp fix. It is easy and very cheap.

How did you get more than one red ring when there are only enough lights to make one?

" How did you get more than one red ring when there are only enough lights to make one? "

Sending it in is the only solution because once it has red ringed it will only be a matter of time before it does it again.