Cancerous1 released Exult360 - a port of Exult (Ultima 7 engine) to homebrew/JTAG 360s:

I'm glad to be able to share a beta release of Exult360, much more work needs done but it is working well enough for a preview of what's to come.
Thanks on this one should be given to Ced2911, Anthony, Node21, UberFry, Tuxuser, Shane Gillespie, Eviltar, JcpLinux, LoveMHz, Lantus, TeamFSD and probably others I'm forgetting. It's been a community effort to bring this to the 360 for everyone thanks and enjoy.

docs are in Exult360\ULTIMA7\Documentation and Exult360\SERPENT\Documentation, 'L3' button will open a quick reference for the controls.
Source- xbox-scene