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here is how to fix the red lights lol: http://www.youtube.com/watch?v=cIARuzFOExc
33% is the official report.
*sigh*
You've been severely mislead if you think that those are "official" numbers.
There has been anecdotal evidence that suggests such a failure rate, but MS hasn't said what the failure rate was since circa mid 2006; where they said it was around 6%. Admittedly, its proably higher than that now, but there has been very limited evidence to support any other numbres.
But anyway, if it develops problems (that are not your fault) just send it back to MS. Even launch consoles are still covered for the 3 red-lighs.