dont do the towel trick. It may work in the begining, but it hurts it severly in the long run.
The only one that really, really works, is the eraser fix. You can google it, I coudl help find some links if you want. You have to take your system all apart though, so you need to know how to do that, which I could help you with. Then you need a $2 eraser, and a proper size torx driver from sears, and some double sided sticky tape. You put properly cut rubber eraser pads on the graphic memory chips. The pads squeeze the chips onto the motherboard tighter, but jsut barely. When you turn it on, its still red ring, you let it run for 20 min, then restart and it works. The sauder heats up and since the chips are now squeezed in tighter, thesolderingreconnects.Mine has worked for about 2 months now since I did it. But DO NOT do it if you want to void your warranty, because if you have never opened the console, you can just send it in to MS and have them fix it. In the meantime if you have the money to float, or a credit card, just go buy a 360 from wal-mart, and return it when you get yours back from MS.
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