The XBox red ring of death, technically known as error e74, meaning general hardware failure, is a casualty of overheating. When you cram a lot of high power components into such a small space and don’t provide adequate ventilation and a proper cool down system, you are bound to end up with an overheated system that will not be able to handle playing any more games.
If your XBox 360 is still under warranty when you get the dreaded red ring of death, then by all means, send it into support to get it fixed.
But, if your warranty on your XBox has run out, there is no need to worry. There is an alternative XBox red ring of death fix that does not entail you giving up $140 for. Well, you do need to fork up some cash, but not much compared to the $140 you would have to spend by sending it back to support.
And yes the method is safe, unlike the towel or soldering methods that are floating around somewhere in cyberspace.
Since the culprit is overheating and an inadequate cooling system, what this alternative method teaches you is how to fix it. And all that is required is common household tools.
The reason that I am suggesting this alternative method over the other methods is that for one, it is safe, and also because it is a permanent red ring of death fix.
The other methods are not permanent. The longest I have heard the towel method to work is a few days. And the thought of using it is scary. You are wrapping your overheated XBox in a towel and letting it superheat. That to me spells a possible fire. Not my cup of tea!