Well the 4 red ring can mean a hardware issue.
There is a hidden error code which should research.
To look at what error type turn on the xbox wait till the red ring flash hold the "sync" button and then press the "disc eject button".
You should see a set of flashes.
All four lights flashing - 0
One light flashing - 1
Two Lights flashing - 2
Three lights flashing - 3
There is 4 sequence of flashes which should give four set of number like 0001
Once you have the error down do a quick google search this should tell you basicly what the main issue could be with the xbox