That's it lild!
If your Xbox is still in warranty, then I would NEVER suggest that you try and repair it yourself using a video found on Youtube. Seeing as most 360's come with a 3 year warranty this shouldn't be a problem for the majority of owners. I also think that most 360's that you send back now they replace the motherboard with a specifically designed board to prevent any similar issues occurring again.
More info about this can be found at
Microsoft's Xbox Support pages
Otherwise the fix isn't too complicated and involves you replacing the main component of the cooling system, which I believe is a heatsink for the processor. Although I would not recommend this for most users, it can be simple and take only a few minutes if you have the right tools.