The original Xbox was released in 2001. Didn't we all think it was a silly name? And didn't we all doubt this 'computer' that Bill Gates' Microsoft was creating? There was no doubt in most gamers' minds that it would fail in the console war against Sony, Nintendo and Sega. Good thing Master Chief was there to save the day. And now, 12 years later, Microsoft is revealing it's third generation of Xbox. Live video of the reveal inside.