Xbox 360 DRM and Live arcade titles

Ok I'm considering picking up a second console so me and friend can have a full screen each to play multiplayer on, however I've heard an interesting thing about the 360's DRM with regards to XBLA games:

Supposedly if I put my Live account on a memory card and use it on a 2nd console then have a 2nd account download all the XBLA games I've purchased and then transfer my account back the 2nd account will be able to play all the XBLA games without me needing to pay for them all again.

I first read about this a year ago and at the time MS's Copyright/blurb about XBLA left it open for people to do this legally. My questions are:

1) Is this still do-able?

2) Is it still legal to do so?

Thanks for your time.

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The arcade games will work with all profiles on the xbox used to download them.

If you move your profile to a different 360 and download them again your profile will have to stay on the 2nd 360 and that 360 will have to be connected to xbox live for the games to be full games.

If you remove your profile or you aren't connected to live the arcade games will just be trial versions.

What you originally described works with PS3's but it don't work on 360. The reason Microsoft uses this system is to prevent theft of their games. Just get the other person to buy them. They're all really cheap.