Whatever you do OP dont repair it yourself. All x-clamp replacement methods are mostly temporary at best. Plus not to mention if you screw it up, then your console is practically screwed for good.
Now if you never modded your console in the first place then maybe you oughta consider sending it to Microsoft.....That of course if it isnt modded and is still covered under warranty. Best advice you can get if your console is under warranty, and un-modded.
My console is out of warranty unfortunately : ( basically fixing console is only alternative
I would recommend you look into repairing it yourself if you are comfortable. There are videos and information on how to do it all over the net and the method of performing a RRoD fix is very well known now-a-days.
I cracked my case open a year ago and repaired my RRoD console. Its easier than you think - crack the case open, yank out the dvd drive and fan (and fan shroud), then take out the motherboard. Remove the 2 heatsyncs and clean all the old thermal paste off both the chips and heatsyncs. Apply new thermal paste to the heatsyncs and bolt them onto the motherboard with ~6mm to 10mm long M5 bolts (get rid of those x-clamps, they put too much pressure on the board!!!). Plug the board back in (plug the motherboard in to the power supply leaving everything else taken off of it except for the heatsyncs and the RF modulator/power button) and turn it on. Allow it to stay on until it overheats (it will start flashing 2 lights when it has overheated) - this will basically "reflow" the soldier joints (since most people dont have a reflow machine, this method must be used - a heat gun will also work if you have one). Once it overheats and you get the 2 flashing lights, unplug the board and allow it to slowly cool to room temp. Once it has cooled, slap it back in the case and connect everything back together (dont put screws in just yet tho - we want to power it on first to make sure it greens up and works). Make sure the power and video cables are plugged in and power it up. It should green up and you should be good to go.
I would also 12 volt mod your fan (splice the positive wires from your 2 fans into the 12v positive for the dvd drive) so that your fans constantly run at a full 12 volts. They will make a bit more noise but they will keep your xbox super cool - reducing the likelihood of a future RRoD (or at the very least extend the life of your repair).
Doing what I have done above, I have successfully repaired my xbox 360 and it has been running steady now for almost 3 years without issue. If you are confident working with electronics/tools, I highly recommend doing the fix. All you need is some thermal paste (use Arctic Silver-5 from Radio Shack) a Torx-8 and a Torx-10 screw-drivers, and some pliers. Search YouTube for some great how-to vids.
I had fun repairing my unit. Since then I have also repaired 3 other units for friends. Only 1 of the units would not work after performing the RRoD fix (replace the 2 x-clamps and thermal paste, and 12v mod the fan), but it was a launch console that had already been RRoD fixed once. If you have never RRoD fixed your console the odds are much greater that it will be a successful fix.
...and remember, the best advice I can give is to make sure whoever fixes your console 12v mods your fan. Good cooling is essential to prolonging your unit's life - it may be a little louder but it will greatly extend the life of your fixed console. Xbox 360's are notorious for heat problems - this is the reason you have to fix it (well, that and the stupid lead-free soldier they used that is totally unsatisfactory).
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