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yea so i got a red ring of death last night on my 360 and was pretty upset. but then i found this vid, and i said hell i'll give it a shot, and it actually worked. it blew my mind, so before you send it in to get repaired, try the blanket trick.
wrap it in several blankets with only the power cord in, and turn it on for 20-25 minutes, then unwrap and let it cool for 10-15. and it fixes one of the heating problems somehow. soo legit