last red ring of death i had involved a dodgy chicken curry... boomtsh.
on a srs bsns note - your 3 options as i see them, SC:
1. Console is under warrenty (less than 3 years old) - you register the console online, microsoft sends you a postage paid bag to stick it in and you post it... a few weeks later a working xbox returns. obviously the most desirable option.
2. Console not under warrenty - wrap it in a towel. i know, sounds stupid, but youtube "xbox 360 rrod towel". it's legit, and for some it works. the science behind it is that you are intentionally overheating the console to resit solder that has come loose/aged. i think... at least that's what my geek instincts are telling me. you might get a bit more life out of it, you might not.
3. Throw it at the wall. you're f**ked, and unless you know someone that knows someone that fixes them, you're up f**ked creek with a menstrual pad-dle, and nary an assistance more. use an outside wall... we wouldn't want to damage anything now, would we...