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That clicking is associated with recalibration of the incline, in slightly more functional but not perfectly functional machines of this model series.
As for warranty repair coverage: is your NordicTrack machine less than a year from its purchase date? this is an important point.
The two lights, red and green - they may mean various things. It depends upon *which* red and which green lights they are.
Generally the green light simply means 'some power is getting into this unit'. The red light can mean other things. What legend or identifier is next to the red light (and the green light) is crucial.
I suspect that one light is for 'power' or 'power relay' more or less, and the other light means 'incline motor powered On and working or trying to work'... but let me know how those two LEDs are identified on the board next to them, please, and we'll go from there.
(I suspect a linkage to the motor that raises the incline, may be jammed or blocked. Examine that part with some attention.)