Well, you could try leaving it running overnight, wrapped in a towel or two. Basically, MS extended the warranty to 3 years for the three red rings, which is a heat-related issue. That towel trick has been known to produce three rings. It may or may not work. Try googling xbox towel trick for details.
As for repair service, MS is probably your cheapest way out. Anything unauthorized could be seen as a mod and jeopardize your chances of getting booted off of xbox live.
"Even if you are on the right track, you'll get run over if you just sit there" - Will Rogers
"I'd rather be running a marathon than playing Bomberman Live with Chris."
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