A couple of my friends and I, did this many years ago with the original XBox, because of the freezing problems with it. Turns out, it can really take a beating.
Issues with your Xbox 360 console can often be resolved by removing temporary files and data from the system cache. The cache stores such items as game updates, system update installation packages, and gamer pictures of your friends.
Clearing the Xbox 360 cache does not remove:
Your gamertag
Content that you have downloaded
Game files
Console software updates
Clearing the cache temporarily removes:
Previously downloaded game updates. You will be prompted to download these updates again the next time you try to play the games.
Ok ok, so this will be telling but I was watching someones livestream of them playing Minecraft yesterday on 360 and it froze, he says, "Op hardlock". I was just thinking, seriously?? On Minecraft? Wow.
I had the red ring of death and I freaked out. Went on google and found out that sometimes simply unplugging it completely and plugging it back it fixes it and it worked lol. I couldnt believe it.