Yes, you read that correctly. In case you missed the announcement at the Game Developers Conference earlier this week, be sure to read about Microsoft XNA, specifically the XNA Framework. Here's the juicy part:
A custom version of the Common Language Runtime is being built to enable the execution of managed code on an Xbox 360, and at GDC the XNA team showcased some exciting demonstrations of games which were built on an early version of this technology.
More information from Brian Keller. Awesome!