My elite 360 died today as well with the same 1 red light error. If you create a repair order online it will cost $99 just as PrarieDOG stated. If you call to set up the repair it will cost $119 I believe. I ordered an arcade holiday edition from Dell. Dell is offering 20% off on consoles. I went this way because I would rather have a new one instead of a repaired one. I listed my broken one on craigslist for $50 for the console and power brick only, no hard drive, no cables, no controller and received 6 emails with-in about 3 hours.