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According to some over at N4G, Microsoft will still fix your launch units or any outside of the warranty for free if it suffers the RROD. Here's what they wrote:

go to xbox.com

click on support

click on Repair Your Console

sign in

enter your SN

if its over 3 years it will tell you its a charge of (99$) and than give you and option of what kinda problem your 360 had pick rrod... and the price goes from 99$ too (0)

 

Anyone willing to try it out?