A modified version is rumoured to be in testing by Microsoft.
Microsoft is believed to be working on a modified version of Internet Explorer 9 for the Xbox 360, sources have told The Verge.
Despite providing a range of multimedia functionality, and Bing-powered searching, the Xbox 360 is currently unable to browse the internet. Internet Explorer would bring the full browsing experience to Xbox 360 users.
There's also the suggestion that Kinect gesturing and voice control will be integrated into the web experience. Whilst Kinect won't be mandatory for Internet Explorer, the source states that the browser has been tuned for Kinect.
An E3 reveal looks likely.
The PS3 has offered internet browsing since day one, but despite updates isn't the finest example of web surfing. With Microsoft's expertise in the area we hope the Xbox 360 browsing experience will be worthwhile.