It's highly unlikely. Well... let me rephrase that.... It's not cost effective.
The RROD is normally caused by the solder joints under the processor degrading. The issue is... there are hundreds of tiny solder balls under it. To properly "Reball" the processor is a complex procedure. I would have to charge $100 for the labor... and that's being nice about it. I figure that I would have 3 to 4 hours into it. Then the next problem arises where the processor could simply be shorted out from the excessive heat. So... after the time taken to try to fix it... there is a 50/50 chance that it still won't work.
And finally... the slim xbox 360, doesn't suffer from the RROD is only a $70 used system at the local used game store. So... it's literally cheaper to buy the better version in working condition.
I know it's not what you want to hear... but it's the honest answer.
With that said... there are a few.... kind of... fixes. Basically... if you open it... clean it... and try to re-flow the chip... they sometimes come back to life. The problem is... even if the system wakes up... it's generally short lived because it was a engineering issue with the cooling system, and the stress it puts on the main board.