Flashing Red ring

I new to the site and i looked for about an hour for information but the search feature didn't help.

I have a Oringal xbox that started giving me fits when i was playing Fightnight and was ko'd instead of losing i press the eject button or the turn off button and now i get these flashing red rings i don't know if it started with the game but that is how it tranpired So i bought another used on and everonce and a while it will work perfectly for a day or so no i was in the middle of Fable and it froze on me so i turned it off when i turned it back on the rings started to flash and i says it needs service. i wanted to game to come out and use it on my other console but it won't open, unless i press simotanily the one and off button ( it just barely will pop out then i pull it manully) is it because the laser is still stuck on where it last read? or am i missing the boat entirely??