Over at the Register, they have an article
talking about how a group calling themselves Pi has decoded the Xbox 360 file system. Now you can't pop a game into your PC and use the utility. You'll have to create an image of the game and then run the program since you PCs can't read Xbox 360 DVDs. So what can you do with this utility? Not much for now. But like everything in the hacking console world, it's baby steps.