Basic answer - no, unfortunately Microsoft is neurotic about the DMCA
More Complex answer - there are tons of hacks out there. for example
IF you have an original mech assault, 007, or splinter cell then you can begin the audio hack. the more hardware you will need is a memory card with the audio exploit with it. "you will need tons of software too which will take up a lot of time.
http://www.xbox-scene.com/articles/audio-xploit-mech.php - this will give you a good start. I have tried to do this.. takes a lot of time and patience
I would suggest that u mod your xbox and get more HD space on it if you don't have a DVD burner, but I don't even know if modded xboxes will let you boot off a burned DVD.
PS. you can ftp your xbox to the PC
default username: xbox
default password: xbox
yes, very original