if you are the original owner and this is the first time it has red ringed, i will make suggestions that will increase your chances of success, i suggest that you get at least a griddle, that cost like 20 dollars at walmart, take anything stuck to the board off, place it directly on the griddle, wait until the board preheats completely, then shoot the gpu for about 40 seconds, but dont get to close and also not to far away, then if you want you can hit the hanna and the 2 rams on top for 5 or 10 seconds, but i would strongly suggest just the gpu to start with, no need in messing with something that is not an issue, because that is when you cause more problems. no need to mess with the cpu i've only seen one xbox in the past 4 years that has had an issue with the cpu.

ps: let the board stay on the griddle until it cools down completely, trying to work on things before they cool off, or trying to cool them down artificially usually causes problems.