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Xbox Live Marketplace

Xbox is more than a gaming console; it's a lifestyle product that packs it all in. On your Xbox, you can watch movies and even listen to music. The same goes for Live: it's not just for games - you can download movies, music, videos, favorite television shows, and so on. All these are paid services.
Game Demos
Game demos give you an insight into the upcoming game. These can be downloaded for free of Xbox Live as long as you have space on your hard drive. There are also free game trailers available for download.
Accessories

There are tons of accessories that one can buy for one's Xbox service: headsets (wired and wireless), a small, attachable keyboard that one can use to send IMs, etc.
There are 2 services available on Live: Gold and Silver memberships.
Silver Membership Features
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- Enjoy a unified friends list and online presence regardless of platform (You can add your MSN contacts)
- Send and receive IM, text, voice, and picture messages
- Access Xbox Live Marketplace and Arcade
- Engage in private, one-on-one voice chat with your friends
Gold Membership Features
- All the features of a Silver membership, as well as the following:
- Ability to play multiplayer games online
- Video chat with friends
- Exclusive privileges and rewards for content on Xbox Live Marketplace, and multiplayer online tournaments, Achievements and stats.
You can play multiplayer games, connect to all your friends - even the ones sitting at home on their PC (Via MSN contacts), - download demos, videos, and music. You can send voice messages, play arcade games - and do much more. This is a service that you have to try out - it'll change your perspective toward gaming. People at Microsoft have claimed that the service will be out "soon", but I believe that the service should be out by Diwali. So let's hope we can go Live soon!
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