It is a server overload. Usually around evening times when you are trying to redeem something this error code pops up. Try redeeming that thing later
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This error is unknown to Xbox support website. The error similar to that is a marketplace error, downloading files and other things within the marketplace.
Microsoft has to fix it it's internal
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.... =)
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
you call up the xbox company and talk to them and they help you fix it and if it needs to be fixed by a mechanic or electrian or somebody that fixes the xbox and for free i think. OR... You go to www.xboxlive.com sign in and accept their new Terms and Conditions, then you can recover your gamer tag.