Well, the red ring of death issue, is exactly the reason why I bought a PS3 instead of an X-Box 360. That and, because the PS3 has Metal Gear Solid 4.
Supposedily, an X-Box 360 can be "ressurected from death" (so to speak), by having the system on, wrapping it in a towel, and leaving it for half-an-hour. I can't confirm this, but I did see a lot of user created videos on YouTube, with this method working.
My hypothesis, is that the soldering is quite poor on a 360's motherboard, and connections break quite often, which causes the "red ring of death". Wrapping the system in a towel, and allowing the system to overheat, allows the broken connections to be remelted.
Btw, P!tu, did you post a review of Old Snake on YouTube? If that was you, I just want to say, that you did a pretty rockin' review!