Red fluid is leaking from my xbox is it a common problem?

i bought a new xbox360 from the store. i hooked the xbox to my tv and powered it up. about 30 miniutes later the xbox disk drive began making strange noises. on further inspection i noticed a small pool of thick red sulfuric-smelling liquid under the xbox. i then unplugged and moved the xbox, when i picked it up about a 3/4 cup of the liquid began dripping out of the vents. i let the xbox dry out and tried to plug it in but i got 3 flashing red lights and the console would not play. is this a common problem for an xbox? and is the liquid dangerous because my cat may have licked it?