MH, 0011 means CPU is overheating. It can also mean that there was some damage to the CPU or GPU from intentionally overheating it (aka towel trick, stopping the fan, the baking trick, etc.) If this is the case, then there's no fix for it. A professional reflow can set you back at around $40-50. It might not be worth it. If you do decide to take it to a professional, make sure they are using a real rework machine, not a heatgun/paintstripper or a cheap reflow station with a pancake griddle.
Zack, The rrod repair kit is not doing it for you because your motherboard has probably succumbed to the flexing. You should get a reflow done by a professional with a real reflow station + preheater. Avoid the people who use heatgun + hot plate/griddle.
When it freezes, are you able to go back to the dashboard by pressing the eject or guide button? If not, then your 360 is about to get the rrod. You should get a reflow done. Do not do the overheating trick with the rrod repair kit that a lot of people around here are recommending.
The drive belt is losing elasticity. You will need to buy a replacement belt (worst case scenario). Alternatively you can try this: 1) Take the drive belt out (black rubber band-like belt) 2) Put it in a cup of boiling water for 1 minute 3) Take the drive belt out and immediately immerse it into ice cold water. Remove it and pat it dry with a paper towel 4) Before you put everything back together, put some masking tape on the plastic disc on the inside of the top of the dvd drive cover. This plastic disc mates with the spindle/motor which spins your discs. The tape will weaken the pull from the magnet. The hot/cold treatment will make the drive belt shrink a little bit and give you slightly more tension. Doing this + the masking tape works 9/10 times. UPDATE: I've found a suitable replacement for the drive belts--orthodontic bands. Get the medium sized ones which will give you about 6 oz of pull/resistance. You can get them from a dentist or buy them at the pharmacy. They cost $2-3 for 100 bands.
Matt, Your 360 will get the rrod again. I highly suggest you not do the towel trick or the overheating trick. When it does break again (and I guarantee you it will), bring it to a professional to get it reflown with a real reflow station + preheater. Stay away from the quacks who use heatguns and electric griddles/hot plates. A reball with leaded solder will be the best option as it's the longest-lasting repair, but it can be expensive (around $60 on craigslist).
That fix is not permanent. In fact, not even a reball with leaded solder is permanent, albeit it's the longest-lasting solution. This method is basically just forcing the motherboard to warp so that the broken solder joints under the GPU touch. A reflow of the GPU is a way better fix. Most people charge $35-40 for this on craigslist. Make sure they use a real reflow station with a real preheater and not a heatgun with electric griddle.
oldturkey03, I fix xbox 360s as a side job. Please refrain from telling users to do the the "overheating fix." Letting the xbox 360 overheat does more damage to it. The 2 red lights can be caused by various things: 1). CPU is overheating 2). GPU is overheating 3). RAM has cold solder joints under them, mostly the 2 RAM blocks left of the GPU. I can't tell you how many customers have brought me their xbox 360 for repair after unsuccessfully doing the "overheating fix." I usually reflow the GPU with a professional rework station (the GPU is the culprit most of the time). Xbox 360s which have been overheated repeated usually require that I swap out the GPU, which requires a reball (expensive). You can find out which issue the console is really having. When you see the 2 flashing red lights, hold the sync button on the console and press the eject button. This will give you some rapidly flashing red lights. Make note of how many quadrants are doing this. Repeat this 3 more times to obtain a 4 digit sequence....
Mark, That's a strange problem. Usually when the 360 won't read discs consistently, the laser is on its way out. Unfortunately, to change the laser in the dvd drive, you must open up the console; thus, voiding the warranty. Depending on the brand of your 360 dvd drive, a replacement lens will cost either $5 or around $9. Samsung and Hitachi drives use the SF-HD63 or SF-HD67 laser (around $5 on ebay) while Lite-On and BenQ drives use the HOP-141X or HOP-141B laser (around $9-10 on ebay).