An individual going by the name of "The Specialist" (*snicker*) is spouting out to the world that he has been able to load his own custom firmware onto the Xbox 360. He claims he can create backups of Xbox 360 titles using the hacked firmware, but will not release it do to piracy concerns.

I sorta doubt this is real, but someone's gonna figure it out eventually. Yup.

Source: Windowsitpro.com