Well, yes, but that is for a completely different reason, because by the act of returning the game you invalidate your software liscense... at which point you have no legal rights to the software you posses.
Of course, with most of the mods required to violate another part of copyright law (circumventing copyright protection).
All of these other arguments about shrinkwrap contracts are important to the future of the industry and to the issue of software liscining and copyright in general, but in this specific instance it may not be all that germane.
People are clouding the issue with a myriad of red herrings and appeals to emotion, so while there is some value to the conversation, most of it is lost, thanks to the original intent of the thread, which was a person trying to justify their own circumvention of copy protection on an Xbox.