Hey,
I keep on having the same problem, but what has worked for me so far, is actually wrapping the xbox 360 with three towels then put it on and let it run for like 15-20 minutes then unwrap it and let it cool down completely, then just put it on and play. I have no IT solution why this works (beats me) but it is a temporary fix I found from the internet. The red lights will come back again after a few days of play and you have to go through the same cycle again. This is very risky, so if anything goes wrong you are on your own bro. Oh, the other permanent solution was to open up the xbox and apply thermal paste on the processor, but I dint have the right screw drivers to try that.

Regards,
Justin