For those with the overheating and 2 flashing red rings problems (not the 3 rings):
I am dropping a line here to hopefully help some (of not all) of you having problems with your 360 overheating. I had the same problem and believe it or not, it MAY BE a simple, cheap, easy to fix problem (although it should NOT have been an issue considering I only had it 5-6 months, but yeah, out of warranty). After passing all the dope test that Microsoft customer service people try and run you though (I will assume you already know the basic crap), try feeling in the back of your XBOX 360 and see if you feel air coming from BOTH sides of the exhaust area. There are TWO fans in there, and one of them stopped working on mine. It kept overheating like clockwork after only 2 hours every time I played my new Gears of War. Of course, MS told me to send it in for a $130 out of warranty repair. BUT, after I realized what was wrong, they still wanted to charge me $130 to snap in a new cheap fan part that cost them a couple bucks. After arguing with them, they offered to maybe let a supervisor possibly authorize a lesser charge based on the actual problem but I refused and just said Id fix it myself. You can find this fan online (ebay) for less than $10, (not the $40-$50 fancy one with lights like at a lot of mod sites, although they are nice looking!) and you can take your 360 apart for free (just search for some guides, youll find them. And trust me it aint that hard). I got it done the first time in 10 minutes taking my time. And you DONT need that 360 unlock tool kit you will see advertised all over online. Watch this video:
http://youtube.com/watch?v=LsMOaklSm-U to see how to do it without a special tool or a fancy cut piece of plastic cd spindle cover plastic. But if you have probs doing the way shown, then try it cut plastic way (I did). If you cant do it then buy the 360 unlock kit! Oh yeah, all you need to really buy is a TORX 10 screwdriver (I got one in a $5 tool kit from WalMart) and a small knife or screwdriver for poking through the holes.
So I ordered the new fan from a guy on EBAY, I got it, but GUESS WHAT: THE NEW FAN I GOT FROM THE GUY HAD THE SAME PROBLEM, except on the other side (so I knew that it wasnt board related since a different side worked on each fan). Then a light went off in my head: BINGO! *** I bet half these XBOX 360 overheating problems are because of FAULTY FANS. *** If so, its good b/c its a cheap easy fix (to do yourself if out of warranty), but bad b/c MS is charging people out the butt hole for this easy FIX!!! A $130 flat fee/charge to fix a cheap little fan part? They are getting over. Anyway, I just ordered my SECOND fan online (which the seller verified BOTH sides are spinning) so hopefully Ill be str8 next week! Ill keep you posted!