According to Wikipedia
The power symbol was the result of the logical evolution of a simple user interface, with most early power controls being simple switches that were toggled between two states demarcated by the words On and Off. As technology became more ubiquitous though, the English words were replaced by the universal numeral symbols 1 and 0 to bypass any possible language barriers. These symbols were later super-imposed on one another when the standard switch for a power control was replaced by a single button which toggled between power states, giving us the universally recognized power symbol we know today.
One and zero are representative of the male-female principle and we also find that the symbol for the ‘On/Off’ or ‘Power’ button incorporates the phallus Yod entering the feminine Yoni in its design. The yoni is the creative power of nature and represents the goddess Shakti.
The XBox 360, which we have discussed previously in the post ‘Consoles of Saturn‘ uses three red lights on the power button’s outer ring indicator to represent a “General Error requiring service of the Console or Power Adapter” commonly nicknamed the “Red Ring of Death.”
It has been noted that the ‘Red Ring of Death’ also resembles HAL 9000 from 2001: A Space Odyssey. It was the monolith from this film that inspired the black XBox 360 units too.