That’s the question, isn’t it: what exactly is up with hacking Microsoft’s hack-proof Xbox 360 console? Thing hasn’t even been out a month and a half, but we want some answers as to where we stand, and Joystiq’s got ‘em. In short, we can rip games from 360-encrypted DVDs (that came first), and the system can in fact be booted from custom discs (no huge surprise there, when you think about it), but can untrusted code be executed in the system, enabling homebrew and pirated games? No, not yet. But make no mistake about it, there are hundreds, if not thousands, hard at work on the very same — and apparently you can already rip and run Hexic from a PC. Keep an eye on our pals at Joystiq and Xbox 360 Fanboy for more in time. Us? We’ll check back with you soon when the gettin’s a little better.