It is generally accepted and even Microsoft themselves have admitted that around one third of all Xbox 360 consoles get affected by freezing problem and the dreaded Xbox 360 e74 error occurs, which simply means that your console got overheated and needs some rest to cool down to get the normal temperature.
As previously mentioned the main culprit behind the formation of the e74 error is excess heat. The excess heat disrupts the major components of the console such as Graphic Processing Unit, motherboard, hard drive and the disc drive. This in turn shows the flashing 1 red light error near the power button of the console.
To fix the Xbox 360 e74 is not difficult at all, until you get acquainted with the right repair method. The towel trick method is a foolish act to follow and may cause your console a dead one.
If the warranty of your Xbox 360 console is not expired, then send your console to the Microsoft service center and throw all your worries to the winds. What you have to do is to keep patience for a couple of months to get your console back repaired. Here the adverse side of the matter is you have to wait for your console without gaming for the two months’ period. Along with this, Microsoft does not take any responsibility of any possible damage during the return of the console in the transaction.
If you are not ready to wait without gaming for months together, then fixing the problem with a reference of a professional guide on your own at your home is the best option that is left for you. The advantage of this using this option is that you become a learned and skillful master in fixing the problem whenever it occurs on your console. Moreover, you can help your friends also in fixing the problem for their consoles and it will be a matter of pride and prestige for you.