halo 3 has built in software to do this, there is a guide on using it in the game manual, i dont think anyway is going to make a third party way to do this cause Microsoft already offers a way to do such, you can take shots and footage, you need a gold account
You'd probably need to be working on an engineering degree to build a USB capture device. Perhaps you could connect a VCR or DVD recorder to your X-box and record that way.