If you have your Xbox modded you can force it to play a PAL game in NTSC. Go to your system settings on your dashboard then goto your video options. There you should bebale to force it to play everything in NTSC format. This does work. A few of my Games are PAL and they play fine once I set the Force it to play NTSC.
If you set it up correctly to force it to play in NTSC it will play just like it should. Color and all.