Old Faithful Xbox 360 gets Red Ring of Death

The nearly 3 year old 20GB Xbox 360 that I sold to friends of mine just a few months ago (so they could finally upgrade to a current gen console at a good price and I could upgrade to a 120GB Elite) finally got the 3 red rings last night. I got a call from my friend asking how to fix it. I told him to let it cool (since it may have overheated) before using it again… I haven’t heard back yet if it’s really dead. However thankfully the warranty should cover the repair since it’s with-in 3 years of original perchance, and I did pay for the extended warranty.
Updates will be posted as this story progresses.