Red Ring Of Death Fix 1
Here is a real working method: Do-It-Yourself Trick (VOIDS WARRANTY - USE ONLY IF WARRANTY IS VOID).
I work as a test engineer in a testing department of a big company - sorry, but I can't disclose any names - where we test Xbox 360 games. I have never paid attention to our Xbox 360 failures, as my console worked quite fine for me, but after I learnt about the "red ring of death" problem I asked my colleagues who told me what they did when they got the same error. So, here is a red ring of death solution from people who work with Xbox 360 consoles on a day-by-day basis:
1. Turn off your Xbox 360 console.
2. Disconnect it from the net.
3. Get a screwdriver and open the Xbox 360 case
4. Take the HDD out of the console disconnecting it from the whole rest of the console.
5. Wait for some minutes.
6. Put the HDD back to the console and attach it the rest of the console.
7. Put the cover back and connect the Xbox 360 console to the net.