No. Freaking. Way.
Mine RROD'd yesterday, too! Seriously!
Seeing as a refurbished model is like $129, I figured I'd just crack that bad boy open and try to fix it myself. I did the do-it-yourself penny heat sink trick, the replace the 'x brackets' with bolts trick, and the re-seal the thermal paste trick - all to no avail. I took it apart and put it back together like 3 times just to make sure, and it is toast.
I use my xbox for about nothing these days, with the exception of Skate 3 (which I really like!), so I am even less motivated to fix it. However, I also need to upgrade my regular PC since I'm still running XP and my hardware is like 4 years old. But when I compare the cost of the PC upgrade, vs. the need, as well as the cost of the xbox vs. the need, it still seems likely that I will get the xbox because it's cheaper out of pocket. Isn't that sad?
For being someone that has chosen technology as his career, I certainly have the shittiest tech in my house (I upgraded my CRT monitor LAST YEAR).