To do this exploit (as opposed to cheat) you need to have a rubber band that fits snug around your XBOX360 controller, just behind the joysticks.
You MUST HAVE the LEGENDARY ability to re-do your skills.
You also need the Telekinesis spell, available from Tolfdir at level 50 alteration.
You need the master robes of alteration
You will eventually want a necklace, ring, and gloves enchanted with fortify alteration, and fortify magicka regeneration (the necklace won't take a fortify magicka regeneration enchant, but you can sub fortify magicka instead) which means you will have to have dual-enchanting capability to max this out.
Bluntly - with those four items you can constantly cast TELEKINESIS on an item, (it doesn't matter how heavy it is) and never run out of Magicka. At first - if you don't have dual enchanting, you will run out of magical energy - but a ring, gloves, and necklace enchanted similarly will extend the length of time you can cast the spell drastically.
The purpose of the rubber band is to STRETCH IT AROUND THE TRIGGER that you have set to cast Telekinesis with, if you have the items I explained above you can actually walk away from your console and come back in about ten or fifteen minutes when you will find that Alteration has been run up all the way to 100% !!!
What you do then is to make the skill LEGENDARY. In effect - you recycle it and all the percs you may have put on it.
What this means is that you can automate the level up process to a high degree, and go 'way beyond level fifty in almost no time at all.
*PROVEN! At level 200+ this method was still running up the alteration skill to level 100 for me in an average time of 17 minutes per cycle through.
By this means you can rapidly gain not only levels (thus: Health, Magicka, Stamina) but also gain PERC points to fill up every single skill tree in the game.
The Alteration tree requires 14 percs to fill it. If you have the above items dual enchanted you need not worry about it.
If you don't have dual enchant, you want to get three percs quickly and cover novice, apprentice, and ADEPT Alteration in the skill tree with them. This allows you to cast Telekinesis at half the cost in Magicka.
If you have questions on this scheme, I WILL be checking back to see if I left anything unclear...
**MAGELIGHT is probably the best spell to run up Alteration to the point where Tolfdir will sell you Telekinesis. It takes time but is well worth it.
~CIAO