Recovering the bios seemed to do the trick:
I just put the chip into recovery mode, powered on, and inserted a dvd burned w/ a recovery iso i grabbed from www.teamxodus.com. After a few seconds the xbox powered off. I switched the chip out of recovery mode, powered on and it worked!!
It's now running the 2.0 Public Beta OS, but I really dont care right now. I'm just happy everything's fine.