No picture from my xbox 360?

I was playing Reach when all of a sudden the picture started going blurry. I have a Halo3 Spartan edition that i bought used so its pretty old. Anyways i turned my xbox off and when i tried to turn it back on i heard the start up sound, but i cant see a picture. I also hear the corresponding sound from when i press a button on my controller. Its not my cable or the tv as my wii works fine, and i used hdmi and component cable. This is my third xbox and i dont really want to spend much cash to fix it. What can i do to fix it besides the towel trick, or could you direct me to a helpful site for permanent solution for my problem? Any help would be greatly appreciated.