This has just been 'touched on' in other development threads.
Now there is the ability to swap disks without resetting the x-box (well on the xtender anyway), there might be the possability of booting the box with a custom coded util, swapping with an original and sending the files via the network connector to a PC running another peice of software.
This is just a theory at the moment and to my knowledge nobody is working on it.
Credit for the orginal post concerning this must go to TOSHui who coded the Iso unpacker/ packer and who's opinion I resepct emmensly.
So I see no reason why this is not technically possible as long as standard network frames can be sent from the box.