If it's still under warranty then just send it to microsoft and get it fixed up. The towel method is only a mickey mouse quick fix, it's only making your xbox worse by overheating it.
Trust me I've had 2 RROD now (thanks microsoft) and the first time I tried every method out there... until I discovered the absolute best way. This has worked for me twice and If you are in a bind with no warranty remaining it is what I would recommend. HOWEVER, some people will have a moral objection to this since technically it is fraud... but hey, Microsft screwed you out of 200 dollars and now your xbox is a paperweight!
First of all, I don't know your current financial situation. I see that you are 17 and I'm just going to assume that you don't have a shitload of money kickin around, but you are going to need enough money to buy a new xbox ($129 for the arcade?) Secondly, I do not condone this method and only recommend it because I know what it is like to get raped by Microsoft.
You are going to have to pull a Wally Swap my friend. If you are not a pussy and have enough nerve to pull it off then you will have a brand new xbox for free. What you want to do is go and buy a brand new Xbox from Walmart, their extremely liberal return policy is going to come in handy for you. Pay with cash. Just get the cheapest one, the arcade insides will fit inside any of the other model's cases. You are also going to need a Torx 20 and Torx 10 screwdriver (google it if you don't know what those are).
Take it home, take everything (everything) out of the box, unwrap it as if you were going to keep it. Take the controllers, batteries, power cords and manuals out of their bags. This makes it look legit (if you took it back without opening anything it would look suspicious obviously). Now you want to follow THIS instructional video on opening the xbox case. I used THIS method to open the actual case itself, I found a knife much more effective than anything else for opening the little tabs on the back. Watch when you pull the case open, there are metal tabs on the inside that will slice the sh!t outta your fingers if you aren't paying attention. Personal experience.
Basically you are going to open both Xbox cases, and switch the innards, put em back together. Now you have your old case, but brand spankin new guts! Be careful and take your time, and make sure to not damage the outer case of the xbox because if it is all scratched to hell, they're going to know what you did. I found the knife method to leave absolutely no marks on the case. When you take it back they will open the box and make sure all the original materials are still remaining (which is why you want to open and unwrap them all), then they will check the serial number on your receipt to match the serial on the back on the xbox. Take apart the dead xbox first because if you make a mistake and mark the case, you are keeping that case anyway.
I personally buy the xbox, wait a day, then take it back and tell them that the GF and myself were watching a dvd and some blinking red lights happened and the screen froze. They ask if I want to exchange and I say no thank you, I'd like my money back, I think I'm gonna buy a playstation 3
So hopefully you have decent motor skills and a good poker face, and are not a terrible liar. Don't get nervous in line, just relax and stay calm. They aren't going to call the cops or anything like that, and you aren't going to get busted unless you are acting a fool. The walmart returns people never suspected anything and people returning xbox's is not an uncommon thing. In fact the manager lady told the other lady that was checking the xbox to "just check the serial to make sure its the right one". Walmart's return policy basically entitles you to return anything that you've bought there as long as you have a receipt and all the original goods. Walmart just sends it off to Microsoft, they don't eat the cost of returning it. Just make sure you dont leave any marks on the case when you open it and you'll be fine.
Again I do not condone this method whatsoever, just providing an alternative method for you to consider.
BTW I will not be doing this again, twice is enough and yes I felt a little guilty but hey, I need my xbox. Hopefully I don't get the rings again. The one huge downside to this is that taking the insides out immediately voids your warranty, so if you get RROD you will have to wally swap em again.
Portal 
.....owns zone, but is ok vs man.....I can see him now, working that play every play down the field to score on my cpu in 4 plays
