well, I think God may have just smote my Xbox 360 Elite...

The good news is that it's well within its warranty. The xbox was bought 21 months ago and the particular error is covered for 3 years. No it's not the red rings of death... its the "one light of might as well be death" What irritates me the most is that in the last half hour I have tried to turn it on about 10 times and 3 times it worked. I'd hate to think I send it in and all they do is turn it on once, shrug and send it back to me. I call support tomorrow...I'll make sure to explain it in detail before I send it anywhere.

Thats One red light, Error 74
http://support.xbox.com/support/en/us/Solutions/wizardhost.aspx?wizardid=frls