Why don't you get it repaired by Microsoft...? If it's still warranty then it will be free for repair. I wouldn't buy a whole new console when I could just get the one I already have repaired. If it's an old console from like 2 years ago then get a new one. The newer xbox 360's have a better chip inside of them so they don't get RROD and overheat so much.
My xbox has had RROD twice and I got it repaired both times, 1st time it was free, 2nd time it cost me £60.
Also, dude below me speaks sense ;P