the rules have been updated I myself am guilty of the same thirtyeight190, the new rules read that it is ok to discuss, how it works, and how it installs, making back ups of YOUR games... but what cannot be discussed is
where to get the chips from
where to get illigal game copies from.
to answer your question according to the rules, yes, there is a new chip out that suposedly allows what you want to do. I have not used it, but I have seen it. its like $100 thats all I can say here. any further discussion should be done throgh IM or something other than this site.
but like already stated above anytime you do this you are violating MS terms of use and run the risk of a ban.