Frankly the cables (includes a controller?) are probably the most desirable part of it. 2 ring (overheating) is often fixable (often more easily than the traditional 3 RROD) so I would fix that (busted fan to 12V mod I guess) and maybe throw in a DVD flash while you are at it.
If it is JTAG hackable (has not been updated since August 2009) then it is worth more, if it is just a stock 360 then between banned 360s (as well as the anticipated upcoming bans), the known RRoD thing (especially that old), the relatively low price of arcades, the dodgy DVD drive and the lack of a hard drive (even 20 gig drives cost a fortune for what they are- consider a cheap dealextreme job or making your own) will drive the price right down.
I will bow out at this point though as I move in these circles and have no idea what the man on the street/chosen online tat bazaar pays but I would be quite shocked if you got more than $60 for it. If it is only time you are investing I would have a go I guess but if you have to lay down so you might actually lose something (buying your friend a beer after all is said and done is a different matter) then I would avoid it.