Some people said it couldn't be (or simply hadn't been) done, but it
looks like someone's decided to go in and mod the LEDs on his wired Xbox 360 controller, and provide a detailed
guide (with pictures and a video) on how you can do likewise.
[UPDATE: The more extensive tutorial was released later, but we did cover
the site before.
Thanks for noticing!]
Since it doesn't look like Microsoft will be offering different pad or light colors at launch, this looks to be the
closest we'll get to controller customizations for some time.
Just be sure not to jump in and start disassembling your $40 controller unless you're "a fearless soldering god." Wise
words from a skilled Llamma.
[Thanks, Luke]
How to mod an Xbox 360 controller's LEDs
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