Need Help with One Red Flashing Light on Xbox 360!

My xbox 360 just got this random flashing light (Not all three or four lights, just one red flashing light) and also and E 70 message appeared on my screen. I've had my 360 for over 3 years now, and not once have I had any problems. I went to the xobx.com/support center and they pretty much told me there was nothing they could do, so just send it in. Unfortunatley that'll take about a month 2 do, and (as geeky as this sounds) Mass Effect 2 is coming out this month and I don't want to have to wait to play it.

Case in point, If any one knows how to fix the problem without breaking the warranty or sending it in, please let me know what I should try. Thanks in advance.