That worked. Well the downgrading worked, but it didn't help with the frequent disconnects. I also downgraded to 7.4.2 as I saw someone solving their problems by doing that.
It seems like the 7.6.1 firmware update I did, more or less bricked my Airport Extreme. I've tried restarting the DSL modem and checked all wiring from the box.
I get intermittent disconnects every now and then. Sometimes I can run for an hour, other times it repeats evert few minutes.
Feb 12 00:14:59 Severity:5 Clock synchronized to network time server time.apple.com (adjusted +0 seconds).
Feb 12 00:16:54 Severity:5 Disconnected.
Feb 12 00:17:00 Severity:5 Connection established 99.17.206.132 -> 99.17.207.254.
Feb 12 00:17:34 Severity:5 Disconnected.
Feb 12 00:18:40 Severity:5 Connection established 99.17.204.213 -> 99.17.207.254.
Feb 12 00:20:50 Severity:5 Disconnected.
Feb 12 00:20:56 Severity:5 Connection established 76.254.23.34 -> 76.254.23.254.
Feb 12 00:22:36 Severity:5 Disconnected.
Feb 12 00:22:42 Severity:5 Connection established 99.17.206.87 -> 99.17.207.254.
Feb 12 01:01:16 Severity:5 Disconnected.
Feb 12 01:01:22 Severity:5 Connection established 99.17.206.87 -> 99.17.207.254.
Feb 12 01:14:41 Severity:5 Rotated CCMP group key.
Feb 12 01:14:59 Severity:5 Clock synchronized to network time server time.apple.com (adjusted +0 seconds).
Feb 12 01:15:12 Severity:5 Disconnected.
Feb 12 01:15:13 Severity:5 Disconnected.
Feb 12 01:16:18 Severity:5 Connection established 99.24.221.192 -> 99.24.223.254.
Feb 12 02:14:41 Severity:5 Rotated CCMP group key.