One way to keep that Xbox 360 from overheating on you and giving you gametime crash blues is to watercool it. HardOCP has done just that. The idea of watercooling a 360 has been tossed around for a while and some vendors were considering that as a viable option. Of course, opening up the 360 voids its warranty so the idea isn't for everyone. They walk through step by step, with photos, cracking the cover and removing what isn't needed in favor of the new cooler. Using Koolance water blocks (both GPU low profile blocks), they managed to get a whopping 50F decrease in temperature. The external radiator is more beefy than the console itself, and doesn't come cheap, so this isn't for the everyman. But it sure does look cool.

"In the end, we set out to water cool an Xbox 360 simply “because we could” but it turned out to be a fantastic venture, and overall a huge benefit to the Xbox 360 cooling. I am sure we will see commercial water cooling kits pop up for the Xbox 360 sooner or later, but this build-out shown here should get you well on your way should you wish to do it yourself."
The end of the article brings up a good point about other vendors offering water cooling for the 360, and while I don't think a solution that exotic is practical, likely 3rd party cooling solutions are going to be in demand, at least until the overheating issue for the 360 is permanently resolved.