The GPU uses solder balls to mount it to the board, it's the same technology as any other BGA chip. The difference is the number of balls and the way they are spaced on the chip, so you only need the proper template, aside from that there is no difference.
Reballing takes expensive equipment and pretty decent skill to be done properly. The template and the solder balls are about the only thing the "average" person would be able to get ahold of for the process. You need the correct setup and heat profile to remove the chip, then reball it, then solder it back onto the board. It's not an easy thing at all to do and as I said before, requires an expensive piece of equipment to do correctly. If you want to do it by hand with a heat gun go for it, but I wouldn't recommend that unless you plan on killing it for good anyway.
It may or may not have caused more damage form the 5 bad solder joints, so you could be trying to fix a 360 that can't be. Unless you have the tools and skill to do the work yourself or can have it done again at very little or no cost you're better off leaving it alone unless you are just interested in how the process is done, and that can be looked up online since the process is basically the same for the BGA type of chips.