Fix your Xbox 360's Red Ring of Death (RRoD) by yourself, no wrapping in towels or soldering irons required! If you no longer have a warranty on your Xbox 360 and it has developed the dreaded Red Ring, there is hope. You can still easily repair it.
As most of you know, the RRoD is a sign displayed by the 360's "Ring of Light" when there is a general hardware failure. While this can be caused by any part (or lack thereof) of the 360, the general cause is most often excessive heat, which stresses the solder joints on the CPU and GPU. Over time, these joints can become separated, which causes the Red Ring to appear after a few years of use, usually when you have a new game to play and you've taken the day off.
This method requires nothing but mere screws and washers. Seriously: no overheating your console, no adding new fans (although you can add them if you like), no towels. Ever since I did this I haven't had the console freeze up once.