
Owners of both the original Xbox and the Xbox 360 can use Xbox Live.
Verizon is sponsoring the Free Xbox Live Gold Weekend to promote their high-speed broadband connections.
XBox Gold-level users, who usually pay $49.99 a year, get all those features, plus enhanced gamer feedback, better friends list management, access to more sophisticated online game play and more.
Official Home: XBOX Live Gold | Microsoft Announcement
Xbox Live Gold Weekend Event Schedule
Source: A free weekend of Xbox Live Gold