No you can't. You can't even run regular XBox games on your PC, even though
the XBox is pretty much a PC in itself. The emulator projects can't do much
at the time. Not to say it won't happen, it's just not happening right now.
As for ripping the disc's, I know you can for the PS2, but for the XB360,
you need to connect to it via FTP and not directly from the DVD itself.