BijouRIP, Xx StormxX is right, if you want to spend as little money as possible fixing that problem, just send it to microsoft and they will fix it for free. I'v had red rings of death, not very bad, could have been worse.
Gamepro had a picture resembling an ad for a horror film, LOL. Yeah it's pretty dead, just send it in and bam it's magically sent back to you...Only this time fixed...Whoah