This can be done with a little effort. I will spare the howto as many others have done this. However, this product is so great it is worth the post to help get the word out.
The idea is simple, if your computer can play it, TVersity can transcode it to a format viewable by your 360. It actually streams to the port that windows media center runs on, so your xbox360 thinks TVersity is a pc with media center.
It took me all of 5 minutes to get this running. You can do it to:
1. Download and install TVersity - http://tversity.com/home
2. Add Directories on your PC to your TVersity library. These Directories can contain any media in any format. music, pics, and vid.
3. Open firewall for TVersity port 41952 and Forward port on router if applicable
4. In the Xbox360 Dashboard, under media –> video –> connect to TVersity.
5. Now play quicktime, divx, xvid, avi, ogg, lossless…… on your xbox360
It even adds more features like the ability to connect to youtube and live TV feeds around the world. TVersity is truly a MUST have for any xbox360 owner.
I currently stream DVD quality DIVX rips over a 54mbit 802.11g to my 360. I can scrub movies very fast. I am very impressed.