Microsoft Corporation will bring its popular web platform, Silverlight, to its Xbox 360 gaming console, according to a high-level positioned person at the company who is familiar with the matter that spoke on condition of anonymity because the details were not made public.

The company is building a team of developers who could develop a Silverlight version for the Xbox 360, which could be released some time around the fourth quarter of 2011, according to the source.

Our source says the reasoning behind the move is to better strategically position the gaming console from a possibly significant threat from Google’s Android powered TV set-top-box which will include various applications, including streaming movies, e-mail, the Google Chrome web browser, among other applications developed for Android.

The Silverlight platform, which could already be used by developers to create applications for the company’s new Windows Phone 7 operating system, would bring familiar applications already found on other platforms that use Silverlight, including your regular PC browser, to the Xbox 360 platform.

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Microsoft today confirmed the company would launch its Natal gaming platform that will bring Wii like games to the Xbox 360.

The Microsoft Natal system works as an USB add-on to the Xbox 360 and simply sits below your television set with the sensors pointing at the player.

The games would be played without any controller, but rather with player movement.

Additionally, the system is capable of scanning objects for use in actual games. For example, the design of an actual skateboard could be scanned by the system and used in a skateboarding game.

The system also offers new social networking features previously unavailable on the Xbox.

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Microsoft and Sony are set to add new features to their respective gaming consoles, the Xbox 360 and the Playstation 3.

On November 17, Microsoft will let users update their firmware via Xbox Live that will include many useful and much anticipated new features.

The most important Xbox updates include new Twitter, Facebook and Last.fm (with support for only the U.S. and the U.K. users for Last.fm) integration, on demand 1080p 5.1-channel HD video streaming via Zune Video, and a new News section that streams content from various content partners including MSNBC.

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Microsoft today has unveiled significant plans to extend its entertainment offerings on the Xbox 360 to new heights. The announcements were made by Microsoft UK Head Neil Thompson in London. The big announcement is Microsoft has reached an agreement with NBC Universal International Television Distribution to bring films produced by Universal Pictures to Xbox Live. People will be able to easily rent and watch the latest movie titles in high definition on the Xbox. Read the full story