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First about colors. The XBOX eject button has two LEDs, each of which
can be either red or green or orange (or amber or yellow, but I'll
call it orange). You get the orange color when both red part and the
green part are on at the same time.

Now to the blinking...

There are 4 cycle periods. I'll call them 1, 2, 3, and 4 (not too 
shocking). Either LED or both LEDs can be on during a given period.

So, say you uncheck all red and check green #1 only. That will cause
the green to be on for 1 period and off for the other 3, giving a
short green and long (relatively speaking, but not very long actually)
off. Or if you check 3 greens and no red you'd have a long green and a
short blink out. If you checked every other green you'd get a fast
on/of blinking green. If you check two adjacent green and leave the
other two green (and all red) unchecked you'll get an evenly divided
on/off flashing green.

The same formula works (obviously) for red and for orange--in which
case you'd pair up red and green on/off periods. And of course you
can combine all of these options for 256 possible combinations though
many will differ only in phase. For example red/red/green/off is
going to look no different from red/green/off/red or from
green/off/red/red.
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I'm not really good at a'splainin thins, but I hope that helps.

-NghtShd