1 red light error is normally E74 and it is caused by the display chip getting too hot on the motherboard you can fix it by sending it back to Microsoft and they will replace it for you or by using an Xbox 360 Repair guide
Try the following resolutions in the order in which they are listed:
If
the Xbox Customer Service agent cannot help you resolve the problem,
you may have to return your Xbox 360 console to Microsoft for repair.
For more information about how to contact Xbox Customer Support or to
request repair of your Xbox 360 console, please visit the Xbox Support
(http://www.xbox.com/support/)
Web site.
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