It's been doing the rounds for a while now, so I thought I would comment. The 360 hack is not an XBox style hack that you would be used to if you chipped your Xbox 1. However if you come from the world of Playstation then this will be nothing new.
The hack essentially allows you to play backups on the device (as long as you burn them with the bitset set correctly). This involves changing the firmware on the TS-H943 drive in some Xbox 360's (others have an LG drive).
If you want to give it a go then I highly recommend you check out the forums at Xbox-Scene as they have all the lowdown, but here are some of the guides to get you started, Mod firmware and dual chipping the drive.