Project PC's

Here's the skinny; I picked up 2 Barebones Xbox 360's on eBay both broken. I've got no initial indication of the problems with these 360's, but my guess is the famous Ring of Death. My plan is to try and repair one my self and have the other sent off for repairs. So this is what I've got so Far:

• Ring of Death - 3 Red Lights
  • Send it out for Repairs? - Xbox Pros
  • Fix it yourself?
  • The Thermal Fix
  • The Towel Fix

• What to do once they're working:
  • Softmod, is it an option?
    • http://www.xbox-hq.com/html/article1631.html
    • http://www.llamma.com/