Not unless it acts as a media server from what im lead to believe, if you are able to connect the networked storage device via a USB connection to pretty much act as a USB drive you might be able to use the media on it.
If it is a media server like some of the new netgear and linksys ones are id definatly give it a try since software media servers (Tversity et al) can be seen by the 360.
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