Had red ring of death twice, first time I was just gonna buy a new console 'cos I'd had it for ages but got the whole thing replaced, brand new xbox and 1 months subscription, second time I think it was just under a fortnight, replaced with a new xbox, fingers crossed, what's your gamertag?
Even if your 360 is out of warranty you can get it repaired for a fee and then take the retailer to a small claims court to get it back, because a product is meant to last 6 years general wear and tear.
Yeah , when I thought it was out of warranty I went to buy a new one, the guy in the shop asked me about red rings etc, and explained not a warranty issue, he gave me the phone number for Microsoft and explained everything, I didn't even buy it from there. Pretty decent guy
K1R1YAMA