If you have one of the numerous hardware problems with your console then this article will tell you a bit more about the different methods that you can use to repair it, and also whether you should send it in or not! You really have two different ways that you can fix your console when you see the red flashing lights and that is to send it back to Microsoft, or repair it from home using an Xbox 360 repair guide.
To understand the different methods to repair the console you must first know why the problems happen in the first place.
Nearly all of the errors that you can get on your Xbox 360 console happen because of overheating and as the GPU and the CPU take too much heat they actually shut down to prevent damage.
When you send your console in to Microsoft they will send it away to a factory and they will replace the soldering and also stick some pads on the chips to stop the heat build up.
If you are going to repair it at home using an Xbox 360 repair guide then the repair procedure is much the same in the way that you will be stopping the heat build up on the main chips and therefore solving most of the problems that you can get with this console.
Now to answer the question whether you should actually repair it from home the answer is it is entirely up to you! It may depend on several different factors such as: are you still in warranty? Do you play on your console alot? The best idea if you're going to go down this route is to make sure there are any guide you pick has a complete guarantee, and also good customer support and a preview of the actual guide you are getting, the best guides out there actually come with video that will tell you what to do step-by-step.
I hope this article has explained a bit more about the different methods of Xbox 360 repair and that you get your console fixed soon!