I think that the xbx file may be like a windows installer "exe" file.
I found the following portion of crap in the file, which leads me to think that this is just like an installer.
? !??MEDIA ?,Q ñN $ ? à ?e?.CLw?;`?Ý?rXé \Device\CdRom0\default.xex
'?Cv?å installupdate.exe ?XRTLLIB 3@XAPILIB 3@LIBCMT 3@XBOXKRNL 3@D3D9 3@XUIRUN 3@
XUIRNDR 3@XAUD 3@XGRAPHC 3@ @ Ì Ì ÿþÿþ xam.xex xboxkrnl.exe ÍÍÍ XÎ*ìªïeùP?~Yd??%ü?\v 3 E Í
It appears to be a file holding lots of other files - or it could be an image file that the 360 could open (much in the same way that Daemon tools open an ISO file)
It looks more to me like it's referencing those files (already in the operating system) rather than containing them.