It is not the cheap lead free solder that is causing the 360s to break..........................................................................(only;))
Check this topic out if you are interested in the real reasons why 360s break
http://forums.xbox-s...howtopic=655662You are not really lost mate if I buy a system on Ebay that actually only has got this error I am pretty happy because I know nobody tampered with it

Go try the X-CLamp replacement since this will be a cold solder joint in the GPU scaler([H]ANA)-chip region.
If you do mine there is a higher percentage that you fix it because it takes more care of the outer solderballs which are the ones that lead to the scaler-chip...
However if this doesnt fix it you will have to get a heatgun and reflow this certain area.
Just treat the thing like it had
E74I doubt that Microsoft will fix it for you even if you pay them but asking is free so, Good luck!
If they reject you try what I said above, you can find the links to the tutorials in my signature

*EDIT*
Just wanted to clarify that I am not admitting warranty fraud here, tell them that you have opened the console etc and that your warranty is gone...