Xbox 360 two red lights on the right side?

After playing my xbox for about 3 - 6 hours (mostly when I have friends over) we switch it off for the night as usual, with no issue, then the very next morning, when I turn it on, the fan makes a loud noise and two red lights flash (on the right side)before it can even get to the dashboard. This has happend one other time before and I left it for the day and it sorted itself out. But today, it gave me the red rings after I went to my friends house for the night and left my cousin (who is 14) and my brother play with it, and they told me that they had been playing it all night.

I'm wondering why this is happening, it can't be over-heating because its been off for a good 6 - 8 hours, and to make sure that the xbox off I turn the power point off. I called microsoft to see what the dealio was as the gave me the same crap as you can find on their website. My warrenty is out

Please don't tell me my xbox is screwed and it won't work, because that is complete bull, just simply give me some solutions to what i can do, telling me that xbox is broken isn't really helping.

Hope that you guys can help :D

triple