If they will fix, I say go for it.

I've never been asked the receipt, called twice.

The word I heard is that MS no longer does infinite repairs within the 3 years. You get 1 free fix and it's $100 bucks after that. Is this the first E74/RROD for the machine?

Aw that sounds rather bad.3 months ago I red ringed but I was under warrenty.2-3  weeks ago I got the e74 error and my warrenty expired.I still send it and they repaired,while extending my warrenty to september.I be iam going to get another red ring as I recieve Splinter cell conviction and Forza 3,so I dunno,am I outta luck?

I'm pretty sure that is wrong. If you have a three year warrantly, it's good for three years.

If you can find me actual proof (not just another forum post) I might believe you, but otherwise I'm just going to assume you're either talking out of your ass or just doing the foolish thing and believing what a random person on a message board said.

That's what the dude at the store where I bought my 360 actually told me before I bought it. Mebey he was wrong. But I do know a friend of mine got DVD drive fail once and they repaired it for free. Then it happened again and they wanted $100 bucks.

dvd drive is a different story,  Microsoft has a one year warranty all parts and labor and a three year warranty on rrod and e74.  So your friend probably just had the xbox over year the second time it broke. 

Other than that, a warranty is a warranty.  They can't say this is only good for one repair.  A warranty is a guarantee on their product for said amount of time.