Yes you can fix it e74 error is when these two tiny chips on the 360's mobo that over heat and then shut down sometimes the lead free solder cracks and causes a rrod but a reflow or the RROD mod will fix it. i would use this to repare it http://team-xecuter.com/rrod/ i used it when my 360 got the RROD. Here is their How To Guide http://team-xecuter.com/install-rrod/

PM me if you need further help

~sorry for the link to a diff site~