I got the red ring of death on my 360 also, it took only about a week and a half after I contacted Microsoft, to have the new 360 in my possession. That's because they had launched their new warranty plan not too long before. Under their old warranty, yes it would take as long as 6 weeks to get the xbox back, that's because they used to fix the xbox you send in and send it back, which is a time consuming process, but with the new warranty they are not actually repairing your xbox, they send you a new (or refurbished) 360. They keep your 360 and repair it so they can send it to someone else who gets the red ring. Don't worry about storage, you don't have to send in your hardrive, so you won't have to start all your games from the beginning.
So, if you contact Microsoft immediately, you should have it back by 1 week after this coming friday, yes that is after Halo 3 come out, but at least you'll get to play it on a like new (or possibly even brand new) 360.
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