After several months of consumer complaints of malfunctioning Xbox 360 units, Microsoft announced Thursday (today) that the company will extend the warranty on every Xbox 360 sold since the system launched.  In addition, Microsoft will fully repair the most widely reported console malfunction, the so-called “Red Ring of Death”.  The Red Ring of Death involves a complete crash of the Xbox 360 indicated by three curved flashing red lights on the front of the console. Microsoft will also reimburse any console owners who have had to already pay for repairs to red-ringed machines.The company has projected that this new policy will cost Microsoft roughly $1.05-1.15 billion.

“The majority of Xbox 360 owners are having a great experience with their console and have from day one. But, this problem has caused frustration for some of our customers and for that, we sincerely apologize,” Microsoft’s President of Entertainment and Devices, Robbie Bach, said in a company statement.

While the statement indicated that the new policy comes as a “result of what Microsoft views as an unacceptable number of repairs to Xbox 360 consoles,” it remains unknown exactly how common the ring of death is.

The warranty extension on the Xbox 360 is the second in less than a year. In late December, Microsoft upped the initial 90 day warranty to a full year.

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50 Cent has reportedly told XXL magazine that he spent over $8.5 million of his own money to accommodate rappers he recently toured with.  The money supposedly went towards additional costs so those that were touring could bring along their entourages to make the experience more comfortable.

Lil Wayne will host the Fader magazine’s summer-music-issue party Tuesday at Spiegelworld in New York. DJ Cipha Sounds, the Fixxers and Bonde Do Role are set to perform.

And be sure to chip in on the ongoing debate about who is better out of Lil Wayne & Jay-Z right here!