For "E86 one red light", and the only resulting post was a fellow who had three red lights. He then moved his HDD to his brothers X360, and upon powering up that 360, it gave him an error E86 message, with one red light. So try to remove the HDD and power up, to see if it works without it, sounds like E86 is a HDD error. I'd call MS if I were you, regardless. Good luck.
I just got the 360 a couple of months ago and I am getting an E-68 error message and the bottom right red light comes on. I have to turn-off and turn-on the system to be able to play. It only started happening a few times at first and now I have to restart it 3-4 times before I am able to play it. What is it and how long will I be able to hold out before I have to send it in?

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