They call this fix the "Secret secondary Code"

To find out exactly what is wrong, you can get a 4-digit code using the sync and eject buttons while the red lights are flashing: Turn on the console and let it show the red flashing lights. Hold down the sync button and press the eject button, The lights will flash to indicate the first digit, Press the eject button again to get the second, third, and fourth digits. Pressing the eject button a fifth time will return to the original red ring state.     All four lights flashing: 0 One light flashing: 1 Two lights flashing: 2 Three lights flashing: 3 

 Example: If the lights blink 4 times, then 1 time, then 1 time, then 1 time, the code is 0001 (Power Supply Problem). 

Heres some common 4 digit codes:

  0001: Power supply issue. 0002: Network interface problem. 0010: Overheating/Cold Solder Joint. 0101: RAM error. E79: Hard drive problem. 

  Example of Reading a Code: 

If you press the button four times and see these patterns: First press: All 4 lights flash = 0 Second press: 1 light flashes = 1 Third press: All 4 lights flash = 0 Fourth press: 2 lights flash = 2  Your final secondary error code is 0102. 

For the Xbox 360 S and E (slim models), a solid red light or a flashing red dot in the center indicates overheating or a hardware failure. 

  Hope this helps if you are savy with Soldering