A single red light or "Red Ring of Death" means that your console is not securely plugged into it's power supply (The gray rectangle box) or an electric outlet. If you have an E74 Error Code then your Xbox 360 console needs service, if your console still has a warranty on it you can get it repaired for free on xbox.com
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It means theres an error when it happens just reset (turn xbox 360 of and on again) or if it still does it there mite be something wrong with wires etc.... =)
Your cords in the back are not connected well or your XBox is dieing.
it means somthing is not plugged in well
how I fixed my xbox 360 from the red ring of death was by not playing it or turning it on for 1 to 2 days DO NOT DO THAT!!!! If you have the pro xbox (Which is just about every single 1) just unplug it and plug it back in. !PEACE!
It means that there is something wrong with your hardware.The 1 red light errorE 74, E 79, E 71 is shown on screen and a solution to fix it is by ensuring that your A/V connections on your xbox 360 is secured. Another possible cause to the error is that there is a power surge or outage on your system.this information taken from - 360fastfix.net (direct link below)