Yes, now we have XNA Studio that you can develop a game running on both XBox 360 and Windows( hey.... I won't give up my joystick if I can use joystick instead, haha....).
XNA Game Studio Express enables hobbyists, academics, and small, independent game developers to easily create video games for Windows and the Xbox 360 console using optimized cross-platform gaming libraries based on .NET. This release is an update of the 1.0 version which contains improved functionality along with new features. This release is supported on Windows Vista. Combined with an active membership in the XNA Creators Club (available from Xbox Live Marketplace), you can also create, debug, and play games on your Xbox 360 console. [ source ]