"Xbox 360 system error code e74 one red light" is an error, which may indicate that the Xbox 360 has experienced hardware failure and needs to be repaired.
Some of the common fixes include:
Please see our in-depth walk-through solutions below.
The error is known for a damaged solder joint in a chip. These solder joints are lead that connects your chip to the console motherboard. The error is covered by a three-year repair warranty from Microsoft. Sending your Xbox 360 for a warranty claim is the best option.
To repair broken solder joints you need to apply heat to melt and reconnect it again. The process is called reflow or reheat. Applying heat is risky, but if you want to try repairing your console yourself, please see link here Solution 2. Reheat Chipset.