WHAT!!! No my console does just the opposite. It gets too cold. For some reason the three core processor has the opposite effect and unless I place it on top of my heater it freezes and I have to scrape the ice off the dvd tray.
But in all seriousness, yes, the console does create heat. BTW, I do not condone or recommend putting your Xbox 360 on top of your heater. Do so at your own risk. And if your heater is tall. Your Xbox 360 may fall and hurt or kill a small child.