How do you touch the Xbox360 and yet you know that it does not overheat?!
By the way, 0020 is GPU overheating. So you might wanna exercise the warranty from M$ in SG or you can simply find one of the experts here to help you replace the x-clamp.
Just do not send it back to the shop you buying it from as you will get charged a huge sum and the fix might not be as effective.

Dont! Never use the towel trick.
Just imagine it like this.
You would wanna heat up the GPU/CPU chip ONLY. And with the towel trick you are actually pushing every chips inside the console to the maximum heat. So it might be too late to fix it via x-clamp replacement if you have used the towel trick for just a temporary fix.

Working fine? We'll see about that. Keep on playing.

I am in full agreement with you bro.
Towel trick. Yes it works but than it wont last you more than a week.
Continue playing like what bro cannavaro had said and you will know the effect.
You can continue the towel trick but i can give you personal guarantee that your xbox is going to be totally dead before you know it.
Harsh but it is true

It happened a few days back.... I never switch it on again after that.... just packed it in its box... maybe just hope when i open it, its as good as new......