1 red ring problem with my 360

alright, so for the past couple days, actually after i downloaded the Star Wars:The Force Unleased demo, whenever im playing my 360, it's fine for like 5 minutes, and then it freezes or either makes a beep noise and turns off

Today, when i turned it on, the bottom right red ring came on ( i have my 360 sitting horizontally, dont know if that makes a difference as to which light it is) and i dont understand what that means. Can someone please tell me whats happening?

Error E74, maybe.

The lower right ring is usually a harddrive failure, try playing it without it for awhile and see if you continue to get the 1 Red Ring, if it shows up you may need to get your 360 fixed, however if its just the harddrive thats giving this prob then just replace it.

You could however fix this prob by clearing your harddrive as well all you have to do is go into settings on the dashboard blade, click memory, and press Y over your harddrive to reformat.

Please use this

The Broken 360 Discussion and Information Thread Ver. 2 -- RROD Queries In Here.