Your box is not completely dead - just overheated.
I repaired my cousins out of warranty xbox easily.
No soldering, drilling, towel wraping.
Just prising apart, cleaning, dabing, and screwing.
Cost of repair approx £10
Items needed -
Torx T8 screwdriver
Torx T10 screwdriver (they are vital)
Small flat head screwdriver
Buy from ebay - xbox 360 rrod kit
( you want the ones with the thermal paste and couple of nylon washers )
http://www.rrodfix.com/
they have a good pdf guide on taking apart the xbox.
http://xbox360profix.com/
shows extra detail towards completing process. Look at both websites
The fix involves removing and discarding the X clamp
Cleaning the two micro chips
Fixing the screws and washers
Nylon washers should be positioned under and on top circuit board (like a sandwich)
Important bit - Dab on thermal paste on top of two micro chips (just a pea size)
Re screw on heat sinks over micro chips
Final important bit - DO NOT attach fan yet
Turn on opened Xbox for 10 seconds only (this is a overheat procedure)
Turn off Xbox
Re attach fans, everything else. Reassemble. Cured
Worked for me - as with everything there is always a risk.
ello
February 2010