Well guys, I finally got the red ring. I have an older model, according to something I read about the serial number it is from early 2006. Just when I have some free time to jump back into mass effect 2, i turn it on and the smacked by the ring. I'm assuming with no receipt there isn't a chance in hell they will replace it for free. And I don't have 100 bucks to plunk down on a repair.
I've been looking online at different "fixes" for this issue (error code 0020, according to the eject/sync button thing).
I'm going to give the towel trick thing a shot I think. Any risks associated with that? You know, like fucking my xbox up more? What are my other options if I'm well out of warranty?