1.Start off by dialing 1800-4-MYXBOX (18004699269)
2.You will be greeted by a message about banned users (ignore it)
3.Next you want to work your way to repairs and say "Agent" to get a representative on the line.
4.If they will ask you questions (name,location,etc..) ANSWER ALL TRUTHFULLY
5.BUT (if they ask you trouble shooting questions just say you did them all) tell them the console is still displaying e74 on your TV in white letters (with black background and that the console has one red light at the bottom right).
6.If they ask you to use Xbox.com to do the repair, say it doesn't work for you.
7. If done correctly, the agent will ask you to write a reference number down, after telling you that they will send a shipping box to your address and whatever.
8.(Keep in mind, shipping and everything is covered by MS) you should receive your shipping box at your doorstep within 7-9 business days.
9. When packing Xbox in box, be sure to send JUST THE XBOX WITH NO HDD OR CABLES.
10.Send shipping box to your local UPS or (whatever shipping company delivered to you) and your new console will be returned as fast as shipping takes (1 month absolute MAX, usually 1 week) feel I like big balls to roll in the Thanks.
The reason why this works, is because E74 is a hardware failure (Thus Microsoft's fault entirely covered out of warranty).
If the representative is giving you a hard time, hang up, call back, get your console re-registered(say you bought it at gamestop or something) then follow my tutorial.