I had the rrod 3 weeks ago... was an 8 day turnaround to get it fixed. Actually, MS replaced my xbox instead of fixing it.
I got the xbox first, then a wii, then a ps3... but i've sold both of them and am sticking to xbox.
I've read about the towel trick, but wouldnt fancy it.
BTW... your xbox is over 3 years old?? When did they come out?