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Your xbox360 has HDMI out, and the DroidX has HDMI out. If the plan was to copy files from the Droid to the Xbox, then this will not work since you need an HDMI in on the Xbox. I don't have an Xbox but don't they have some sort of USB connection? If so then USB would be the easiest way to transfer files by far.
Although smithgood9 mentioned the PS3, I think Xbox has a DLNA client built in similarly to the PS3, so if you setup a DLNA server on a computer or device, you could stream the content to the Droid and Xbox (I'm not exactly sure what your end goal is here). One extra tidbit though is that you should not have to convert any video files if you are setting up a DLNA server. There are a number of server applications that offer transcoding of files, which means it will convert the file on the fly while streaming it to the client device. This is great because there is less overhead involved in getting your media to play great across multiple devices