In short... No... Since most laptops support output functions and so far none I've seen has input. I'm sure there are some laptops out there that do, but very rare... Sure there are alternatives such as external capture cards, but the delay caused would get to the point that it would actually effect your gameplay IMO.
I also suggest you get a decent LCD screen, all you need is to buy a 360 VGA cable and get some external speakers (since most LCDs dont have built in speakers). The ones used here in Japan are usually the IO-data screens, since they are tested with 360 for compatibility.
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