Of course it will do nothing to the actual disk but, it will tag your xbox and any illegal molding like making yourself better etc then you may be instantly banned for ever on that xbox which means yes you will have to get another xbox that is not banned.
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put you gamer tag down and i will tell you Modding an Xbox Console will lead to an Xbox Console Suspension which will not let you play ont that console anymore. Modding a console is taken very seriously by the Xbox Live Policy Enforcement Team.
Not without modding which is frowned upon by Microsoft and voids your xbox warranty.
You can do it by modding your xbox 360. But it is very dangerous as virus can be transmitted through it.
It gives you a console suspension from the Xbox LIVE Service. Where you Xbox 360 console will be usless where it cant be used anymore.