i just got the red rings a week ago. i ran through the troubleshooting page and it is most definitely the console. i know of the towel trick but it's not a permanent fix. i just filled out a repair report on their website and since my xbox is older than three years it is not covered in the warranty and they want me to pay a $100 fee. what did you guys do with your red ring situations? help?
double check it isnt the cables as this can give red rings on the xbox if i remember right. so push the cables in as much as poss. use a friends cables if you canif its not that i can only see it as a case of sacking up and paying for a repair either through microsoft or somebody else..
i got the ylod on ps3 ( same thing ) and took the whole thing apart with a guide on the internet and used a heat gun and thermal gel to fix it. Not as difficult as it sounds but I assume there is a similar guide for xbox somewhere on the internet.
It's really easy to fix. Look online for help. GamerGuy51 on Youtube has some good videos of the general idea of what you want to do. If you want to you can also look up how to reflux the solder, but that is usually not necessary, unless you have it RROD again after trying it.