Xbox 360 Hardware Failure?

My Xbox has error E 74 (1 Red Light), I know I can send back to Xbox for a repair but I was wondering if it shows hardware failure, is it stuck like that forever or could it repair by itself? http://goo.gl/cn8OF4

 

It doesn't look as easy as the 3 RROD fix...
the problem with e-74 is very similer to 3rrod but instead of the solder joints being messed up in the gpu or cpu it is the HANA chip which is the small black chip behind the gpu(closer to the fans) to fix this you can try to reflow the solder by heating the chip up to roughly 217c for 20-30 seconds(best done with a thermocouple type thermometer to monitor the actual temp of the board) then letting the board sit for 30 min to completely cool down then reassemble applying fresh thermal paste to the gpu and cpu.

 

I've had this error occur before, it ended up being the laser lens. It subsequently kept happening every time the lens needed to be replaced. Until I finally pinned the culprit down to a faulty sata cable that connects the optical disc drive to the motherboard. I got a new cable, swapped it, and haven't had an issue since! You might have the new 360 though, I have the old version.

To be honest it could be a few things, most of the errors involve a series of possibilities. Add to that the fact Microsoft had these consoles manufactured poorly (the old ones specifically). I have no idea how long you've had yours. But mine has had to be serviced many a time through the years.

Hope you fair out well... If not send it back for repairs.