My Xbox 360 Has the Red Ring of Death. What is My Best Option I Have to Fix It?

Ok I have heard of the towel trick, the penny trick, fixing the xclamps, but what will work the best to fix my xbox 360. I don't want to have to go out and buy a new one so, what is the best choice that i have to fix it myself. I don't want to send it in to microsoft for $140 and then maybe not even get it fixed. If there are any other choices than the one's i listed that you know about then please let me know. And all of the pros and cons of all of the options. Thanks

Suggestion:

It's free to send it in and get it fixed. They even pay postage both ways. Takes about 2 weeks to get it back from the time you send it.
And if they can't fix it they replace it. FREE!!!
So that is without a doubt your best option.

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