Try repair harddrive / first aid on the drive. Try using another computer to copy the disc to usb and try booting from that. It's hard to tell without being in front of it.
XClamp fix and careful with a heat gun on the board will get it going again, but you are right - to do it properly it needs to be reflowed, you can likely find someone who will do this in your area for quite cheap with a reflow station.
Second a bad laser. Or possible the drive already HAS a bad drive key - if you just bought it that is. If it has just happened to your existing box, I'd say bad laser, you will need to buy a replacement drive of the same model and have someone flash it with your drive key. Do not lose your old drive as it is the easiest way to get your old drive key, without it your 360 is useless. You could also google (youtube?) POT Tweak xbox 360 to tweak the power of the lasers on the drive , becareful doing this because if the laser ISN'T burnt out, you could very well burn it out. Good luck!