My xbox elite has one red light on and has error code e74 can u please help me thanks

The E74/E6x/E4x/E8x are famous error codes that have plagued many Xbox 360 gamers. This error codes will be displayed on your screen, each indicating different problem with your Xbox 360. It's usually defined by the single red light or 1 Red Light Error lit up at lower right quadrant on the Red Ring of Light on your Xbox 360 console.
E74: There is high chance it's a scaler chip problem (the "ANA" or "HANA" chip near the AV cable connection) it can also be caused by a faulty AV cable so check that first. In some cases it is a problem with the GPU and may be repairable by using the Xbox 360 Repair Guide. Xbox 360 E74 error has reported to increasing a lot for the newer Xbox 360 version.
Hope this was helpful?

ANY red light is classified as red ring of death.

You have a hardware error, you need to contact Microsoft Support.

Try using a lens cleaner these are cheap to buy.e74 and 1 red ring usualy indicates a disk read error

Having the e-74 code is when the video chip on the 360 over heats and becomes un soldered your best bet is to turn the 360 on with a towel over it and wait for 3 red lights the call microsoft and tell them the 3 lights issue dont mention the 1 light or it will cost you dearly around 150$

this is bad because you need to call 1800myxbox and they will fix it in a about a 2 weeks they will send it back fixed the same thing happened to me.thts the only way to get it fixed

You can check out the informative blog post at http://www.fix-xbox360.info/2008/09/11/xbox-360-disc-read-error-e74-error-no-video-problem/
This post describes the E74 error with one red light problem.

hope it helps...

E74: AV cable error... There is a problem with the AV cable, try using a different AV cable. If the cable is known
to be working then there is a 90% chance it's a scaler chip problem (the "ANA" or "HANA" chip connected
directly to the AV cable) in rare cases it is the GPU.
If you just got it take it back, if you have had it for a little while you need to call microsoft and send it off for repair

you can fix e74 wiht te same process as the 3 red light problem

one red light is also the E71 error as well.