Get accepted into Windows Home Server Beta 2.
Windows Home Server
https://connect.microsoft.com/WindowsHomeServer
Install TVersity on WHS.
TVersity is Release 0.9.9.1 (November 26, 2006)
http://www.tversity.com/download.html
TVersity QuickStart Guide
http://tversity.com/support/quickstart/
DivX - XBox 360 Guide
http://www.tweaktown.com/articles/1002/2
Install DivX Windows Media CoDec on WHS
DivX Windows Media CoDec
http://www.free-codecs.com/download/ACE_Mega_CoDecS_Pack.htm
Since Windows Home Server runs on a modified version Windows 2003 Small Business Server, you can install the Windows Media related codecs from the Ace codec pack instead (this is because WMP 11 is not currently available on this systems).
Connect to WHS from XBox 360
Enjoy the show!