Go on youtube and you'll see some risky stuff they do to it to fix the red ring of death like smacking it, or overheating it but I must warn it may damage your 360!!! You should check it out, try at your own risk!! Hope this helped, Good Luck!
We just got that on ours over the week-end actually. Go online and get the customer service number. They will help you. Don't forget to take out your hard drive before you send it off to be replaced!