lol, yeah, i don't think you are allowed to ask, but I looked into it a while ago and I advise staying far far away! Reasons:
To burn the games you need to have your xbox open and connected to your computer through some crazy *** wires directly onto your xbox's motherboard or something, it isn't a simple case of copy DVD. It takes time and you need to start fresh for each game, but there are tutorials out there. Risky if you don't know what you are doing.
There isn't just a mod chip that you plug in and it works fine and / or dandy. You gotta install firmware and flash the xbox, yet again through programs run on the computer and you yet again plugging things into the console's hardware.
You wanna play on xbox live? har har har, you gotta be kidding. microsoft aint morons, they pwn up people who hack their 360's. cause when you install the new firmware to make your xbox's play these games, you change the file versions and what not, so if your xbox's source code doesn't match up to an official microsoft release? BAM BAM! Your xbox is locked eternally from connecting to xbox live servers. ouch that gotta hurt.
If you wanted to waste money why not just buy a playstation 3 instead of trying to mod a good console?
Yes, it is possible but not possible through Xbox Live, but considering that xbox's have problems with their hardware, and opening the case to do this is voiding all warrantees that you may have, if your puppy breaks cause of a fault of microsoft like overheating or something, bad luck pal, cause they will just blame it on your attempts @ configging their console.
Whatever you do, good luck, haha
Sydz