Ok nevermind,
I just flashed the EvoX M8+ 16 BIOS onto my system, and so far so good. Took me a while to figure it out, but thanks to the forum guides I was able to get it done!
I'll see whether it freezes at startup again. I hope this new one is more stable.
By the way, before I had flashed it, i was playing Halo 2 from my hard drive, and it froze at one point in the game, and then the XBox started acting weird after I rebooted it.. i.e. it would not start up again, then later I got the Error 07 message. Then finally after some rebooting it came back up to the dashboard, but it was showing the original skin (I couldnt change the skins either, as the other ones weren't shown!)... and some of the menu options were in red! So then I rebooted using my Slayer 2.6 CD and it came up to the normal dashboard (not the Slayer CD one, BTW). Weird. I was pretty ticked off though, at the guy who sold it to me without telling me about these issues!
It's ok so far....