QUOTE
but you would have to add diodes.
if you put the thing together
You don't want diodes. Diodes will just rectify the signal. Audio signals are AC.
A couple of 10K resistors would do the job. This would avoid overloading the outputs.
XBOX L --------- 10K ----+
------------------------------|----------- Left
CD Player L ---- 10K ----+
XBOX R -------- 10K ----+
-----------------------------|----------- Right
CD Player R --- 10K ----+
That would give you an input impedance of 10K and an output impedance of 5K.
The best way would be to use a couple of op amps (like the LM353) to mix the signals together but then you would need a split rail supply (+ and - V).