For those that are looking for an Xbox emulator, your best bet right now is Xqemu. Espes has been working on it and he has already managed to run some homebrew and the dashboard. It can’t run any games yet, but it’s very possible that with more support things will progress a lot more quickly than with DxBx or CxBx. The approach taken by Xqemu is completely different from DxBx or CxBx as it is doing low level emulation. You can visit the project on Github.
Running Xqemu is easier on OS X than on Windows, Linux support shouldn’t be difficult to add, but it’s not there yet. For more info read the Xqemu Github wiki.
If you’d like to try to run it on Windows here’s a slightly outdated (although possibly still working) guide.
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