Make sure are your vents have room to breath i know the lines are a cause of overheating. Let the xbox cool down for a while 20 mins or so. Then make sure your hard drive is in properly this happens to me every so often and i have the elite.
Error 74 is a general hardware failure, in my case it's because the scaler chip was damaged. It has nothing to do with the condition of the console, which is irrelevant since mine was in like-new condition and I hardly ever played it. The error was simply a byproduct of several critical design failures in the 360 hardware.
Microsoft apparently cut corners by designing the GPU chip in-house rather than going to the professionals at ATI or Nvidia. There were also reports of using cheap solder and inadequate heat sinks.
Well, I guess that explains why I haven't seen you on. Bummer, I wanted to play a bit and show you the video of me failing massively in campaign using the Rocket Hog trying to kill a lone Elite for like five minutes, and losing.
Is Microsoft gonna fix it for free? E74 is under the RROD warranty so you should check that out.
Edit: I don't know whether I should worry or not about my xbox, or if it's one of those ultra-rare magical ones that don't break down. It's a launch model I've had since early 2006. :<
I got my Xbox in 2007, the 3-year extended warranty lasts until February of next year. I submitted a repair ticket to Microsoft and they provided me with a UPS sticker to print out, they're covering the shipping costs. I dropped it off at the nearest UPS station today and according to the tracking number it's already in transit to Texas.
Really, the only thing with a monetary value I'm losing out on is my now useless Xbox Live subscription. I bought three months specifically for Reach and now 1-3 weeks of that will be thrown away.