I have never had the Red Ring, But my buddy has and he looked on Craigslist for a repair person. He found one, It was a 13 old boy but he still let him look at it. A week later the kid called him and said the thing was done. So he went to go pick it up and the kid charged him 30 buck ( which from what i here is about average for fixing the the red ring). To this day the 360 works fine and has not had a problem plus the kid put 2500 Nintendo games on the console for free. So the red ring can be fixed easily, its really not that big of a deal anymore like it was when they first cam out.
My other friend has gone through 3 PS3's all because of the Yellow Light of Death. He hasn't had to pay for them because of Best Buy insurance. So he got lucky on that.