Sign if you want Online play & More playable characters for Ultimate Ninja Storm. Who knows! It may work! :)

So, fellow gamers, i have a 42 inch High End plasma TV in my basement. I have an Xbox 360, and- Hopefully- My Girl is getting me a ps3 for christmas. Is there some kind of "special" device that allows me to have both consoles hooked to my TV, so i can switch one on, turn it off, and play the other?

I know it sounds a little confusing, I'm not the best "typer" on the planet, but if someone knows what I'm talking about, please help me out. Thank you.:)