No you cannot do that. The reason is this.
Not only does the standard "in the box" cable not have the correct wiring in the lead nor terminations in the AVIP, composite data is just that. It is two different video signals combined. 'S'Video serparates the brightness part of the video signal (luminance) from the colour part (chrominance) and presents them, on typically, a 4 pin plug. Composite video has the luminance and chrominance parts blended together.
'S' Video can be thought of as baby component, offering very much superior image with greater stability and definition. Search for the mods to acheive on the back of your xbox or go buy the
right lead from eBay