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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.)
The fan is defective unless the power supplied to it is intermittent.
I suspect, since fans defective that way (with worn-out, sticking bearings and/or worn-out motor windings) are usually quite old, that you may have intermittent voltage to that fan.
I have lost track of the reference information as to those colors of lights on this model, so I have to pause to look up that information again.
As far as I can tell - having found some information at last - if the LD4 is green not red, then all indications there are normal, showing power (the first two) and motor power (the third) normal status.
Can you locate the clicking sound, if it's not mechanical, please? try not to get zapped by touching anything, but listen carefully for its locale - it might be a power relay opening and closing, rather than anything visible. If you had a stethoscope it might help.
OK. Let me know, at your convenience. Thanks.