It's funny you should ask that. Two years ago I found a XBOX 360 in the garbage at the carwash. Took it home plugged it in and it had the ring of death. Only took a few minutes to fix it and it's been working great ever since.

I followed this guide http://www.llamma.com/xbox360/repair/ring_of_light_x-clamp_fix.htm except I went to the hardware store and baught my own screws and shit.