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Seeing as how I can't burn a backup of a 360 game and run it, however, leads me to believe that theory to be incorrect. I'm interested in if there's any other thoughts concerning this method, however.
ripping and burnign a backup of a 360 games passes the first level of security, the signature, but fails the second, the media check, so copying an xbe does preserve the signature, the media check will still get you (which is what the firmware hacks do, report a fake media so the kernel will allow the xbe/xex to run)
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Personally, I think the key to hacking the 360 is going to involve loading something to the hd and act like a virus that could cause a new exploit.
the problem with this, is that even a virus is software code, so the 360 wont run the unsigned virus
software exploits on the first xbox used unsigned files that were loaded into memory to cause a buffer overflow, MS has made damn sure this trick wont work twice and the 360 has alot of protection against buffer overflows
this topic has been beaten to death and then some