Xbox 360 E74 problem

So, I guess the inevitable happened. My once shining beacon of hope and justice was smashed down by cruel fate. Oh, and my Xbox 360 is broken! XD

I've read up on this error a little and I think it has something to do with my encoder chip? idk, something about the hardware, so I've had this console since 2006/2007 and I don't think it's covered by warranty anymore. So I was wondering if this error is possible to repair, or if I should just buy a new console?

 

I had the same thing happen to me last summer. I just sent it in for repair. Cost me 100 dollars because it was out of warranty, but I think it was worth it.