The Towel Method: A Quick Xbox 360 Fix
While Microsoft would repair your Xbox if your Xbox fails resulting in the ring of death, the process is slow and expensive, there are a few alternative methods that may fix this issue, one of the popular methods is commonly known as the towel method of towel trick. This Xbox 360 fix for the most part is wrapping the console in towels tightly to prevent any airflow and "cooking" the Xbox by overheating it for around 15 minutes. The idea behind this is to cause any loose solder joints that result in the RROD to melt back into the motherboard, this is a common Xbox 360 fix and is known to work successfully and it does not cost a cent.However it seems like a dangerous Xbox 360 fix and it is as you need to literally cook the Xbox and while it does not void the warranty it can cause more damage than fixing the Xbox itself as it is known to be a temporary fix as well resulting in a functioning Xbox for only a few minutes to a few weeks the most.
For a more reliable fix i"d suggest the x-clamp modification fix which is a much more secure Xbox 360 fix which basically involves replacing the crudely designed clamps holding the heat sinks together on the motherboard with a set of screws and washers.