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[Vektor0]

It's very simple. Hold down:

Left Bumper
Right Bumper
Left Thumbstick (in)
D-Pad Down
A

Press them all at once, if you can. If you did it right, you'll jump, and when you land, the gun should disappear from your HUD.

This does NOT work over Xbox Live. Your network must be set to either Local or System Link.