XBox Red Light - How to Fix the XBox Red Light Issue

Did your Xbox 360 just die on you? The dreaded Xbox Red Light, also known as the Red Ring of Death is plaguing many Xbox owners both new and old. This happened to me right in the middle of an all night session of Halo 4. I was totally annoyed and wasn't sure what to do (There was no way I could just run out and buy a new console!). So I took a look around online and found this problem was widespread among Xbox users everywhere, and during this research I also some innovative guys had found some ways to fix it.