I turned my Xbox on when I got home and immediately got this. Is there anyway to fix it Please help.

First power the monitor down and back up again. Do you see the same problem on the Acer splash screen? If so it's a monitor problem. Next test by disconnecting everything from the monitor, including power then press and hold the power button for 30 seconds or longer. That usually does a good enough reset that if the monitor itself is just confused it helps. If that doesn't help check the cable at the PS side, since you already disconnected and reconnected in the previous step at the monitor side. If that didn't get it try a different cable...