I had the red ring of death: three red rings. The secondary code was coming up as problem in the GPU, usually in the cold solder joint due to the heat sink weighing down the GPU into the X-Clamp under the mother board.
I bought a little kit for 12 bucks and went to town. So far it has been working for a week, and that seems promising. It would have cost $99 and 6 weeks to get MS to fix the console or give me back a refurbished model...
I don't really want to invest in a new system since I hardly play anymore. It is mostly my kids these days.