Oh Wow, I am sorry to hear That dude. That has happened to me twice and i have heard to send it in to Cheap - O - Soft(Microsoft) to have it Fixed. What has happened to your Xbox is that it has Overheated, and now the CPU's ( Central processing units) Have broken off their sockets. What happens with the 360 is that when it gets so hot, the motherboard begins flexing against the CPU's, and their restraints called the X- clamps( The things that lock the CPU) and then the CPU breaks off. So your xbox keeps freezing Beacuse of that.
One thing you can do is to send it in to microsoft to have it repaired. just call 1-800-4MY-XBOX and then follow the instructions. But this only works if your xbox is under warranty.
If you are someone that is technically capable, you can open up your Xbox and fix it using this giude. It seems to have worked for many people and they have been glitch free for months. Here is the Link http://www.instructables.com/id/Fix-the-Red-Ring-of-Deathwithout-towels/
. Just follow this and repair your Xbox once and for all. However, that is only if you know and are sure that you are capable of working with delicate electronics. And i heavily reccomend that if your Xbox is still under warranty, that you send it in to them and have it reapaired. Takes about two weeks and is free. Ok then notify me if that works