What does the Xbox 360 error code ''E 74'' means

I'm having Xbox 360 connected to my system. I play games for around 4 to 5 hours on it. It was working fine, but last right when tried to turn on my Xbox 360, i got only one red light blinking on it and it showed me an error code ''E 74'' message on my desktop screen. So, can any body tell me that what does error code ''E 74'' means and what if i get only one red light on my Xbox 360? Does any body knows about it? Kindly help me out to resolve the above issue. Would be grateful to you if any body help em out to resolve the above issue.

The E74 error is a "scaler" chip error, which tells that this chip deals with the signals that get sent through your AV cable. You only get this type of error when you try to switch on your Xbox. At that time you can see one flashing red light at the bottom right hand side corner. You can see the error message on your screen normally something like this "E74 Error - Phone Customer Support" on your desktop screen.

Just follow the below steps mention.

1. Try to make sure that the AV cable is correctly connected to the Xbox 360 console.
2. Then try to disconnect the AV cable from the Xbox 360 console, and then try to reconnect the AV cable to the Xbox 360 console.
3. If you can see four flashing red lights continue to flash, try wiping the metal area of the AV pack with a dry cloth. The metal area is the end that plugs into the console. Wipe the metal area thoroughly, and then try the AV Pack again.
4. If the AV cable is correctly connected but the four red lights are still flashing, substitute a different AV cable if you have one available.

That means the GPU (the graphics chip) on your Xbox 360 have died. It something very similar to the 3 red lights or RRoD error. Such error has been covered under warranty that too for 3 years. So , if your Xbox 360 is less than 3 years old, you just need to call Microsoft and tell them to exchange it.