what are the dangers of mod chipping an xbox 360?

there are so many awesome games coming out in the next few months that i cant afford them. i was just wondering what are the ill effects of converting my xbox? i had a ps2 that broke after awhile when i converted it because i played it too much. the dude who fixed it told me that i should only play 3 hours a day. is that the same with the xbox? also, when i converted my wii, there was that whole nintendo warning thing. if you don't know about that, basically nintendo added this neccessary update that would break your wii if you've had it modified. so that screwed me over. is there anything like that for the xbox?

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pretty sure that is frowned on upon society :(

if you connect it to live you will get banned and if there are people like you about your the reason why games are more expensive, if you cant afford games then dont buy them, I want a ferrari but cant afford one that does not mean im gonna steal one.. Mate your a thief and I hate thiefs with a passion