When I got the red ring of death on my Xbox 360, I used to leave it on wrapped in several towels which overheated everything and somehow the firmware tells everything to reset.
Then you turn it off, and turn it back on when it gets cool, take off the towels and viola; green rings; xbox works. It would red ring more and more often as the months drew on though, so eventually got it fix but I thought it was a pretty wierd trick.
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