My opinion is is no why risk voiding the MS warranty, i would make sure you purchase a replacement plan from where you bought it or a 2 year warranty from microsoft. Also if this has been recently purchased i would try to find a falcon model this is the latest revision of the hardware.
We have 2 xbox360s since launch both have failed twice but i keep a MS warranty on them and just have them fixed or replaced when they fail. yes there is something wrong with this theory but it is the only console my kid or his friends want to play with, the PS3 and wii never get touched