The 3 rrod does not mean its dead. A lot of people, especially those not computer savvy, have jumped to conclusions that the reason for the rrod is overheating but that is not the case with the rrod because if it were overheating, letting it cool off would be good enough until it overheated again (not to mention the Xbox 360 has a seperate indication for overheating which would be 2 blinking red lights in the 1 and 3 quadrants rather than three lights in the 1, 2, and 3 quadrants).
The real reason for the 3 red lights of failure is a result of long term heat of the CPU and the GPU against the motherboard that caused it to “bow” or “warp”. This warping issue causes the lead-free solders that were used to mount the motherboard to have lots of tension on them. After it too having long exposure to elevated temperatures, the solders become brittle and develop hair-line cracks that are almost irreparable. It isn’t until the hair-line cracks form that you get the red ring of death.