Bit-torrent
#1
Big Grin 
my idea is this:  

a torrent browser that browses/searches a page like http://www.bi-torrent.com/ for multimedia content,
but when a torrent is chosen, instead of downloading it to the xbox, it sends the url of the torrent file to a computer on your lan that in turn downloads the file locally.  

you could then connect to this server through a samba share to watch the videos that are downloaded.  

an additional feature to implement could be a status monitor that allows you to
view the progress of your torrents from the xbox.

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