I would suggest against any converstion from VGA to HDMI. The picture will always be complete ass. VGA is an analog signal and HDMI is a digital signal.
Either get a different monitor, or get a different Xbox. I know that isn't the answer you are looking for, but analog -> digital conversion is expensive and the results will always look terrible.
If you are intent on doing things this way, however, I think they have some weird HDMI conversion kits for 360. I'm sure they are ghetto, but they may do the trick in your unique situation.
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