First of all you’ll need a local Microsoft Store location and the following deal code or coupon from Microsoft’s site: http://content.microsoftstore.com/store/xblive2yr-offer.
Then you’ll need to be willing to pay $14.99 a month for an Xbox Live Gold subscription for the next 2 years to subsidize your now cheaper purchase. If you decide to break contract you’ll have to pay a termination fee of course, depending on how many months you have been paying into your contract.
It will potentially save you a few bucks, especially up front, so it’s really not a bad deal if you are willing to continue paying for your Xbox 360 when the next Xbox may have already launched.
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