Did you try making sure the connections to the chip,harddrive,dvd rom are good.
Also you can take it all apart and check to see if any of the chips or tracking on the mother board has damage.
FLASHING RED:
Dead, broken or empty eeprom.
Error 5 - kernel - HDD not locked (The retail xbox bioses require the hd to be locked)
If your Eeprom chip needs to be reflashed. Hoping this is the problem.
You need to get a bios flashed to it.
This is right from the readme in X--box--Hq..BIOS..CD.Pack.v2.02
-- 512kb BIOS Boot CDs --
x2.5035
x2.5035.137
INSTALLATION NOTES:
-------------------
1) Find out what size BIOS you require for your Modchip, as flashing it with the
wrong size can/will damage your Modchip.
2) Use WinRAR to extract the ISO image from it's RAR file. The ISO image will be
around 300mb when extracted.
3) Burn to a CD / DVD using DVD Decrypter, Nero, or your fave burning program.
4) Read the instructions provided by your Modchip manufacturer on how to flash
your BIOS after you have burned this CD before attempting anything.