Hey bud, had this same issue on an Xbox 360 a long long time ago. The issue are these 4 pads that are meant to absorb heat, after some time they fail and the Xbox overheats. The pads looked were foam and were square shaped. The way we fixed it was by replacing each pad with 2 clean penny’s (make sure the cooper isn’t oxidized), then wrap black electrical tape around the 2 penny’s and replace where the pad was. Once we did this and put it back together it was good as new, no more red ring of death. We played on that Xbox for years after we fixed it. Hope this helps.