First homebrew code on the Xbox 360?

This one's not for the faint of heart, but Xbox-Scene has posted up what appears to be the first recipe for cooking up homebrew code on the Xbox 360. We'd love it if Crawler360, the dude responsible for the hack, would post up a pic or two, but he or she claims that they were able to use the so-called HyperVisor exploit we mentioned the other day to get a little "Hello World" action on the box courtesy of a copy of King Kong, modified DVD firmware, and serial connection to their 360. Not sure how much further anyone will be able to take this, so don't hold your breath on the MAME emulators.

[Thanks, Arun]