my xbox has become one of my new projects. fully modded out, and is the swiss army knife of home theater equipment now. now if only i could get it to look at home in a ht setup (well, there is an aluminum chassis out there, but its around $150). but onto what it does do:
new dvd drive (long story), plays any format disc now (cd-r/w, dvd+-r/w)
80 gig hdd
formats supported: mp3, wma, ogg, avi, mpeg, divx, xvid, etc
emulation (yeah, touchy subject, but none the less): nes, snes, sms, genesis, neogeo, older arcade
dvd-player, cd ripper
new lcd screen going on the front (view mp3 tags, dvd tracks, etc)
oh, and it also plays xbox games too