Cpasjuste of PSP and Pandora fame has released a very exciting loader for the Xbox 360, heres the details from the readme:

Xmenu 0.3
Xmenu is an elf loader with a basic gui.

Copy the file xenon.elf and the "xenon" folder to the root of your usb disk/pen.
Load it with the hack.

Version 0.3 :
- It's now possible to load custom icons. Put a ".png" image (32 bits, with alpha channel, 32*32 pixels would be better)
alongside your executable file, with the ".ico" extension. Example :
If you have an executable named "snes9x.elf", put the ".png" icon in the same directory with the name "snes9x.ico".
Version 0.2 :
- Graphics data is now loaded at startup, allowing to customise.
- Smaller fonts, this allow more items to be displayed.
Version 0.1 :
- Alpha testing version.

Download and Give Feedback Via Comments