The worst thing you can do is called the "towel method" not only does it hardly ever work, but your console will fail again, you can make it worse, and you can start a fire!
"I was just about to ship my XBox back to the factory, when I found your guide. Thank you so much. I had my XBox running in less than a half an hour."
It's Recommended you don't send your busted Xbox 360 to the Microsoft repair center in McAllen, Texas.... unless you are cool with not seeing you xbox for 2 months. Even if Microsoft is offering an extended warranty for all Xbox 360 with the 3 red light error, you will still need to spend money on shipping and handling.
If you are considering the "towel method" you might as well just throw your Xbox in the garabage and save your time. Never mind that, you can start a fire and burn your whole house or apartment down!
Lastly, if you don't know the first thing about repairing electronics and don't have a proper guide that has been proven to fix 96% of owners problems to walk you through the process, don't take your Xbox apart. There's a good chance you will make it worse and waste your time! Download XBOX Repair Videos
"I was so mad when my XBox stopped working. I was even more mad when I found out how much it was going to cost me to fix it. My XBox had been sitting in the closet for the last 2 months when I found your guide. Halo 3 here I come!"