The chip is pretty easy to install as long as you've had "some" experience with soldering.
The only real problem now days is programming the chip with the right bios that will allow you to play back ups.
It was much easier back in the days when the chips already had the right bios file in them.
All of that shit is covered in the Xbox-scene web page.
Oh and replacing the hard drive is hella easy so no need to worry about that.
And no there is no web browser for the Xbox.
Not a bad idea since it would be very easy to create one.
I guess no one wants to bother surfing the net with their controllers....