If you want to play Xbox 360 games cheaply without the risk, consider these options:

Instead, modifying an Xbox 360 requires specific hardware tools, firmware patching, or soldering. This article breaks down the three primary methods of "jailbreaking" a 360, what software you actually need, and the steep risks involved.

Here's some information on the topic:

Once jailbroken, these tools help manage and play your library:

The Xbox 360 is notorious for the "Red Ring of Death" (RROD). RGH involves soldering to tiny points on the motherboard. Excessive heat or a bad solder joint can cause immediate or eventual RROD.

XeUnshackle (GitHub): Applies kernel patches and loads the system module.