For all those that have Elder Scrolls Oblivion for the PC, you should have at least have heard of the jetpack mod (Something like that, I never played it on the PC). The first time I saw that mod on Youtube, I felt disappointed that I was unable to manipulate my game in that kind of fashion. However, I have found a way to replicate the effect on the 360 from just screwing around with the game.
All you need is a character with a paralyze spell set to themself. You jump into the air (Possibly off a higher area if you can't jump high enough), and then use the spell. Before you hit the ground, bring up the map and fast travel to any location far away from your current location. What should happen is that you hit the ground once the screen loads the new area, and then fly up into the air extremely high.
This doesn't always work 100 percent, but I've been able to do it several times in repitition.