well it is believed that the red ring is due to the seals or solders of the main chip burning up and melting the wrong way, no one knows really what causes it and microsoft wont tell. i suggest you buy one of those fans that clip on the back, it might help it a bit, it is normally really hot, which bothers me too. check these out maybe you can get some use out of em, click them to see details from amazon, and more pics..
this one also comes in black for the elite system
u cant use both because the air has to flow out somewhere, personally I like the first one alot better because the air will flow out the back of the console as it normally should the second one is for if you console lays on its side, hope this helps, good luck
edit, i see the first one requires an adapter, which is pretty annoying but if you like your console stood up it looks to be a pretty good cooler