Xbox problems one red light flashes on the bottom of the cirlce of lights and it reads system error e 74

That means your Xbox has an internal error and most likely shows one flashing light when you turn it on. This is common in all Xbox consoles and there is no way to fix this unless you have warranty, You can contact Xbox for a replacement at 1-800-4MY-XBOX or through their website, Xbox.com/support. If you are no longer covered by warranty, you are going to have to buy a replacement console.

A single flashing light can mean a hardware failure. Did you get an error code? EXX where XX is a number...like 74 for instance? Please, let me know, and try this.

Power off the system and unplug everything from it..controllers, memory cards, av connection, power cord, and hard drive. Also unplug power cord from socket and the short cord from the power brick. Then reattach everything making sure the connections are firm and power back on your system. If this did not resolve the problem.

Microsoft offers warranties on 360's up to 3 years on e-74 error. They changed the policy about a year ago!

Go to: http://support.xbox.com/support/en/us/nxe/contactus.aspx

one red light means the video card is dead not the cord and unfortunately cannot be fixed and to make it worse this error is not covered by warranty, if you want it under warranty tel microsoft wen you ring that it has 3 red flashing lights (RROD) not 1 as this error is covered by warranty

The cause of E-74 with one red light Error might be overheating of your console and for avoiding such error in future you need to put your machine at an open space. Ensure that it is placed near the window or you can also make some external arrangement for cooling of console such as cooling the machine through a pedestal fan.
But as your Xbox already have E74 with one red light Problem which can be solved by only repairing it, no other alternative.
Either you can send your Xbox to Microsoft (Please note that microsoft is no longer providing extended warranty for E74 with one red lightError) and wait for 3-4 weeks. If you don't want to wait for a month, you can also fix E74 with one red light problem with the help of this DIY Video, the guide will explain step by step approach to fix the problem. Choice is yours........

The E74 malfunction is a problem believed to be associated with the system's video output cables and/or hardware scaler chip. The problem involves unusual screen patterns, the appearance of an on-screen error message, and finally a flashing red light in the lower right quadrant of the power ring. When a system suffers from the failure the on-screen message reads "E74 System Error. Contact Xbox Customer Support."

You could send it in to Microsoft of you can follow the steps as outlined in this You Tube video.

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...

see this web page for your problem on red light

The cause of E-74 with one red light Error might be overheating of your console and for avoiding such error in future you need to put your machine at an open space. Ensure that it is placed near the window or you can also make some external arrangement for cooling of console such as cooling the machine through a pedestal fan.
But as your Xbox already have E74 with one red light Problem which can be solved by only repairing it, no other alternative.
Either you can send your Xbox to Microsoft (Please note that microsoft is no longer providing extended warranty for E74 with one red light Error) and wait for 3-4 weeks. If you don't want to wait for a month, you can also fix E74 with one red light problem with the help of this DIY Video, the guide will explain step by step approach to fix the problem. Choice is yours.