yes ring up microsoft support and keep pressing 0 until you get someone to talk to, tell them you have the ring of death because this is what the freezing is due to and you will end up with it soon. When they tell you to unplug the console always say that it still shows the red lights and they will repair it for you. better to get it done now before your warranty runs out, unlike me :(
My console has locked up a couple of times, but this happens with the 360, does not mean its a sign of failure. My 1st 360 which was a no hdmi I bought in Oct 2006 made so much noise and generated so much heat. That would freeze maybe two/three times per week. It lasted 3 and a half years before it got the E74 error. Xclamped it and it last another month. Now dead. My new jasper has frozen a couple of times in the last 7 months, dont think its something to worry about.