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If you want a temporary fix use the towel trick. Take off everything besides the power cord (that's including hard drive) and wrap your 360 in a towel. Turn it on and leave it for about 10 minutes and then turn it off. Take the towel off and let it cool and then that should fix it for a little bit.
I just got the red ring the other day and if I get it back and it does it again within a month I'm going to try and get them to give me a new one. I believe the new ones have 65nm processors which run cooler, and because the red ring is caused by heat, it should help reduce the occurance of it happening.
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