will removing the heatsinks on the xbox 360 and replacing the thermal compound fix the e74 error,? please help

Yes it can because you are changing the pressure on the motherboard and recconecting the broken solder on the H/ANA. EDIT, you are replacing the Xclamps? my answer was an assumtion you are.

Ive even had one working out of its cage, just because it was unbolted from the cage the pressures on the board temporarily repaired it.

Best course of action is to heatgun/oven it otherwise it will come back soon

I say heat gun it asap.
the xclamp procedure might work, but only temporarily. heat gun should make it last way longer.

thanks for the tips guys , once i replace the compound im gona try doing the oven thing beecause the clamp fix didnt work