I just got my xbox 360 during the TRU promotion of $100 giftcard. I turned it on via my wireless controller and the xbox had 2 red lights and one was blank. It says error on my tv and to contact microsoft. I turned it off and back on and then it went through just fine. Im wondering if i should go exchange it or just keep it. Is this the ring of death, that I hear of. Thanks

That's not the ring of death. You simply had a bad connection to your video connector.