So some 360 emulators such as Xenia allow to play games that have been installed on an external USB drive. It's pretty easy an straightforward: install the game from a stock console and run in on your PC using the emulator. You don't need any specific optical drive with a special firmware.

Now, do you know any place where this kind of rips are common? I'm thinking it's too much of a novelty or that there's not much demand for this kind of rips.