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.
Step 1: Before we begin...
Before you even think of unplugging your 360 let's work in a bit of intelligent forethought.
For starters, why would you need to repair the console yourself? If you have a working warranty I highly suggest you send the console to Microsoft for repairs, as a repair will void your warranty. While Microsoft has dropped the ball on product quality in an effort to get the 360 out before other consoles, they picked up the proverbial dirt-covered ball by extending all warranties to 3 years.
If you plan on actually reviving the 360 don't use the towel trick. What it does is overheat the inside of the console by blocking fan intakes, temporarily doing something to make the 360 run for a brief period of hours to days. While it may be the quick and easy approach, it also overheats every other component in the 360, which is never good. It can cause chips to fail, capacitors to dry out, release the magic smoke, and possibly spark a fire. So, unless you hate your Xbox something fierce, don't do this.
And of course, if you're on your 4th Red Ringed Xbox 360, and are considering buying a PS3...
FIX IT, REGARDLESS OF WARRANTY!
I would hate to see someone give up the pinnacle of gaming due to a simple flaw over a Blu-Ray player with gaming functionality.
So, if your warranty is void, or you're about to join the dark side of gaming, read on!