Such a device exists

[MKLKT]

Originally Posted by lastlight

If you have an xbox 360 simply install vuze on your computer. It's a torrent download application but it allows you to stream movie files to your xbox. We watch all of our downloaded content this way and it will cost you nothing.

If you're running media centre or windows media player 11 you can also use your computer as a wireless media hub that your Xbox can connect to.