XCLAMP MOD.
Now for the most important part and most likely the point where the majority of people who were unsuccessful completing this fix failed.
This step requires you to overheat your GPU. Many tutorials tell you to unplug your fan and turn it on until it overheats. There is one major flaw with this approach. The thermosistor for the overheating protection of the 360 is contained within the CPU. The problem is that the CPU overheats without any airflow before the GPU is able to get sufficiently hot to "reflow" the BGA solder connection that has failed.
In order to cool the CPU but not the GPU it is again important to have your fan shroud removed. Now take your fan that IS plugged in and lay it on top of your DVD drive with one of the fan's over the top of the CPU. This will keep the CPU plenty cool to prevent it from overheating while the GPU will get smokin' hot; like burn your finger hot!
Now power on your 360. Some boxes may just work at this point because just pressure alone was enough to make the GPU's connection good. I still like to overheat even those just to make sure I don't have to deal with it again. So now you should be getting the three red lights like your were expecting. You want to overheat the unit for at least 30 to 45 minutes. The key is in the lights; as long as it is flashing the 3 red lights (1,3,4) then your are in good shape and the overheating process is working. What you DO NOT WANT is for the unit to actually overheat giving your TWO flashing red lights (1,3) at which point the 360 cuts off power to both the CPU and GPU preventing them from actually getting hot. Again is probably the difference between someone who succeeds and someone who fails.
Now that you have sufficiently heated the GPU, power down your Xbox 360 and let it cool down completely (ten to fifteen minutes should be more than enough). Replace your fan shroud; you should now be fully assembled except for the case itself. At this point you should cross your fingers and power your box back on. If all went well your should now have a working 360! Congrats!
If it did not work for you its not completely a bust yet. I suggest tightening the screws down even more and overheating yet again... some units are stubborn!
Happy Gaming for those who were successful!
If the cpu need reflowing then you are out of luck i think :/