smbu2000 on 09 February 2008
The towel might work the first few times or so, but definitely be ready to ship it back in. I did the towel thing with mine and it lasted for awhile until it did it again. I think the combination of GOW/humid Japanese summer/poor ventilation in my room (at the time) did it in, hehe!
Since I had already voided my warranty by opening the system, I opted to try and fix the RROD myself (been working fine for well over half a year now :) ), but since you still have your warranty then I'd advise you to be prepared to send it back to MS.
starcraft: "I and every PS3 fanboy alive are waiting for Versus more than FFXIII.
Me since the games were revealed, the fanboys since E3." 
Skeeuk: "playstation 3 is the ultimate in gaming acceleration"
