A new release of TVersity (http://www.tversity.com/) is just out and I recommend it! The Pro version brings Hulu streaming and some other nice features.
In this article I'll describe how to watch TVUPlayer on your TV using your Xbox 360.
I'll not cover how to install TVersity, VLC or TVUPlayer, if needed I will add it later.
For now, I assume you can connect to your computer from your Xbox using TVersity and you know how to use TVersity, VLC and TVUPlayer.