Yes you can. Head over to www.xbox.com/pcsetup and follow the links there.
From memory you need Windows Media Player 11 and something that works with Zune (Creative player?) and then your 360 should be able to see files on your PC.
It can definitely see WMA and WMV files, but I don't know for certain about DivX files.
Use this link for the file you need to download and read how to install it. It convert's your divx-files into files the 360 can stream from your pc. It can take a while to convert a mediafile on your pc (depending on the size) but it's worth the wait imo.
I've posted this before, but it applys here also. Here it is:
Use Tversity Media Server. It's not the only one you can try,but its what I use. It'll transcode your files on the fly to the 360. Most formats you can think of will work. Just add the directory/'s you want to share just like in Media Center or media connect. Your 360 will computer link with the PC name Tversity, then your ready to go. You'll browse the files on your PC through the dashboard like any other device. It does Rss feeds and streams as well, for listening to podcast or radio on the fly directly from the feed. Just remember you might have to open a few ports in your router or firewall for it to work. The ports are on the TVersity site.
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