You'll be fine here are guides to open the thing up:
http://custom-xmodz.co.uk/tutorials/Xb_open.html
and here is a good video:
(don't forget the hair dryer lol)
Careful as soon as you rip open the case and move that silver sticker - your warranty should it exist goes out of the window.
You'll need a certain torx screwdriver and a bit of patience once you are in it will look very familiar
Now for a fix on the red lights:
Different lights/sequence mean different things. But there is a good chance it is over heating.
I am going to send you a guide - the first part is lapping and should be simple for you the second part is a little more complicated you will need to replace a few parts
You'll need all of this:
5mm x0.8x10 machine screws
5mm Flat Washers
good thermal paste like artic silver
something to clean off of the old paste
probably be able to go to B and Q for the screws.