I've heard that this is pretty popular with old school Xbox's. I've always wanted a media center PC to house all of my *ahem* backed up movies and tv shows. but, a networked Xbox might be rather cool...has anyone ever done it? does it run well?

Matt, I don't know if it's possible with the original Xbox, but I was able to hook mine up on my 360. I've since moved out of my parents' house and no longer have a Media Center PC, but it was frickin' sweet when I had that setup. I used it like TiVo and watched all my recorded shows, plus was able to look at pictures, play music, etc. You definitely should do it. It really wasn't that hard to install either. You just go through a tutorial on the 360 and on Microsoft's website on the PC. Make sure the firewall is turned off too. I'm going to get a Media Center PC over here pretty soon, but it's going to have to be a wireless network now. Wish me luck. We'll see how that goes. If you have any questions holla at me.

I got one...I can watch cable on my computer because of the hookup I had to get for the Media Center. It really cost me maybe 200 in the software and licenses, but it was worth it.