The code your getting actually has to do with a system update failure. Follow the steps below and I will add in some extra steps for you.
A storage device (memory unit or hard drive) was not found during the software update. Follow these steps:
1. Turn off your console.
2. Remove all console storage devices, including any USB flash drives, external hard drives, or the internal hard drive on the Xbox 360 S console. .
3. Add your primary storage device, for example, the hard drive.
4. Turn on the console
5. Try updating the console again. To do that, go to settings>system>storage>and then just HIGHLIGHT the hard drive. Once the HD is highlighted and from your controller do the following sequence of buttons, LB (left bumper), RB (right bumper), X
LB > RB > X > LB > RB > X
Once you do this it will pop up a message of deleting updates from your console, select yes, and it will go through the process of updating again.
Once the update is done, download the profiles again to the console.
When the profiles are downloaded to the console do a license transfer, from account management, for each profile.
You may have to download some of your DLC again but that can be done from your DL history.
Hope this helps.

This is what I found when I googled the code.