I do not believe this is accurate. You only have two inputs on the back of the XBox: power and LAN. So, unless there is some software that allows you to stream from the internet, there is no way to use the XBox as a television antenna/receiver.
Through XBMC you can stream mpegs and avi from your PC... I know that they have vid cards and such that allow you to stream tv to your PC... and you can go to sites that have TV broacasts streaming as well...
I don't think it's work the way you want it too... I think you'd have to capture the vid, save it to avi and then stream it...
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