it is simple impossible
Games are not converted they are designed to be exclusively used for the system they are designed for. A console or PC would have too be changed to play a game with an emulator program, not that you could run one on a Xbox to play games for a Playstation, but a PC could run different emulator programs that would let it play Playstation and Xbox games.
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Yes it does work
playstation=sony xbox=microsoft
Games for the Nintendo Wii can only be played on the Wii or the Wii U. They cannot be played on the Xbox, Xbox 360, PlayStation 3, or any other console.
Playstation**
No. Live is a term for the Xbox and the Playstation Network is what PSP and PS3 users have for online games and more. There are no PS3 Live servers only because Playstation has the Playstation Network and Xbox has Live PS3 is owned by Sony, and they have their own servers. XBox is owned by Microsoft.