This video is a little more better
http://www.youtube.com/watch?v=avWs4-wD15w . It is the towel trick and it worked for me, 3 times. I learned this from Dan a writer for OXM. I bought one on launch day in 05, Never had a problem with it until last year when this first started surfacing. MS did do something about it in the new consoles, they've upgraded and replaced the chip that is causing this. They have also extended the warrenty to 3 years for everyone. Just call up 1-800-4my-xbox some peoples have taken really quick to get them back my buddy it took a week from when they got it.
Edit: As long as you have the xbox in a well ventilated area you should have no prob.