Pfft.
Isn't it three red lines, though? I don't have an xbawks, but I see it a lot on vidja gaem forums
( Shada, Wed 15 Aug 2007, 23:39, archived)

4 means the video cable is unplugged or something.
Apparently Microsoft are thinking about disabling the 4 rings warning because tons of working systems are being sent back just because the video cable wasn't connected.
( Bloop Fri 16 Jul, 22:10, Wed 15 Aug 2007, 23:48, archived)

People are fail.

( Shada, Wed 15 Aug 2007, 23:55, archived)