From what I last heard there was a group developing it and had it running but it had some lag and bugs, but I believe its possible. Look threw his youtube videos, He has one where he covered the story. https://www.youtube.com/user/thedopesoner930
Long time until there will be, as Wallsch said there isn't even an original xbox emulator. Most likely you'll need to wait 10 years.
Even if there was one I'd reckon you would need a monster pc to run it properly. In a few years when were all rockin 12 core cpu's as the norm then maybe we'll get something then.
Yea my pc can't even run like BF3 so you will have to wait a good damn while. But honestly xbox is not as good as PC gaming if you have a well built pc or a Alienware. That's my opinion honestly, I'm like the absolute biggest Xbox fanboy ever, but I got a dell Inspiron r17 laptop for "school" but I use a lot of emulators and play gmod, MC, dayz, etc. and in like a year ima have my buddy build me a kick*** gaming computer. But amigo trust me, get you a PC the dedicated servers are worth it .