1. yes, depending on what type of led buttons do you have.
2. clarify, "more than two colors on each ring"? got a link or pic? viking uses tricolored leds, 1 on each quadrant. gicing a full range of colors
3. you are asking for a jewel for an xbox, I have not seen a lot of xboxes with them, this is a mod generally used in psp's. they are generally made using some sort of cnc and a standard piece of lexan.