There is no legal way to do that AFAIK, no. There are ways to play ripped copies on an xbox 360, but I doubt that this would work online. Also, you could always come to the PC-side of things and enjoy some free games instead. Just saying.
Well if you JTAG or RGH your console you could rip an iso and use Dash Launch to run the iso file. There is some RGH that allows you to switch between the official XBOX 360 Firmware and the RGH Frimware but you are going to have to pay for the hardware. I have seen kits for around $150+ but I don't know if prices have gone down or up. If your console is detected as modified it will be permanently banned from xbox live. Honestly it seems like a waste unless you were interested in messing with games for enjoyment purposes.
There are ways to rip and use ISOs online without being banned. But they will not be discussed here because it is illegal.