Just got RROD last night for me too... my 360 was a first gen one and worked masterfully until ir froze and RROD'd at 9:30pm... i called xbox, they are shipping me packaging and prepaid shipping instructions. Its really not that big of a deal...
So....
I went to Best Buy and bought an Elite right away. I'm back up and running just like nothing happened. Plan on selling my refurbished/fixed 360 when i get it back in a couple of weeks...
Just call xbox live and go through the steps (do it during the daytime so that you get an English speaking service agent and not a foreigner FYI).. its takes a couple of minutes but they will def handle it.
good luck dude... -Jasper QST