Well, I got my friends Xbox working again but I was getting a really odd overheating problem as soon as it started up. The regular screen would display and after about 1 or 2 minutes, it would artifact then the screen would turn black.
After trying many attempts to clean the GPU and CPU and reapplying arctic silver, I spotted a problem on the underside of board where the GPU lay. Here's a picture of where the problem is...
Picture of Problem Area
One of those transistors ended up getting knocked off... I'm assuming that the GPU can't complete it's circuit as now there is no video whatsoever and I get a 0022 error code when doing a diagnostic. Any way this can be fixed or am I chasing a lost cause? Any help is greatly appreciated.