It's not exactly opening a Stargate to worlds unknown but it sounds pretty exciting! Undertakencodes found the Holy Grail of Xbox 360 Homebrewers - a hole in the security of the emulator of Xbox. He says this hole makes it possible to load homebrew and backups without hardware/firmware modifications. As proof of concept, Undertakencodes developed a port of the Snes9x which loads on the Xbox 360 but is not playable at the moment.

Snes9x is a portable, freeware Super Nintendo Entertainment System (SNES) emulator. The emulator allows most games designed for the SNES and Super Famicom Nintendo game systems to run on PC or Workstation.

"I...hope that you believe me but homebrew already is possible in our Xbox 360s." Hey, they didn't believe Egyptologist Daniel Jackson when he said Stargate opens a can of universal worms. But you know what they say, once its open you can't hold back the door no more. Anyways, here is Undertakencodes video of the Xbox 360 loading the SNES Emulator: