Even if you did that, they wouldn't necessarily fix the disc drive error along with the RRoD, which most likely requires a new DVD drive.
Of course MS' policy has often been to just swap consoles out rather than fix your specific console, but some receive their same console with the revised GPU clamp and heat sink.
Then there's the issue of downloads you have tied to the console itself if that's an issue. Just swapping out consoles and keeping the same HDD has led to problems for some users, namely losing authentification for XBL store purchases and having service reps insist you have to repurchase your content. User experiences seem to really widely vary.
Unless you know a sure way to swap a broken console for a refurbed one (dodgy), I'd avoid buying broken 360s and just wait for the next hardware revision and price drop.
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