I just did the x-clamp fix on my xbox 360 elite and i didnt have any thermal compound at the time, so i put my xbox together anyways and booted it up without the AV cable in. It worked. so i shut it off, plugged in the AV cable then turned it on again. Just as the startup screen comes on, my fans go crazy and i get 2 rings (1, and 3). I read that 2 rings is overheating, so I think its because i dont have any thermal paste on it. Can anyone confirm this for me?

Not using thermal paste is like running a car without oil... a one-way ticket to destorying it.

I'm not sure what the 2 rings mean but I wouldn't turn your xbox back on until you add the paste to it... it's pretty cheap to buy.

This is a horrible idea, btw. If the chips are making contact and then there is separation, you will fry the CPU.