Can I mod the Jasper/Valhalla 360 board?

First of all, I have a MWF 2 elite. I think it's a Jasper... if it's not, can I mod the Valhalla? I don't care if I lose a crap shot xbl account and if I was that scared of losing the ability to use that particular machine on live, I wouldn't be running the risk of breaking it all together. They're finicky enough as they are. I just wanna turn mine into a legitimate media/game server... using a dvd drive more than once per game is for chumps :-P