I'm taking the advice of a member of the forums and I'm going to try to learn how to solder. In my basement I have a crap computer that no one ever uses.
What would be the best part (ie. video card, mobo, whatever else) to practice on?

Practice on the motherboard because that's what you will be working with when you mod your xbox.Just try and not to apply too mutch heat to the motherboard you might damage it and make traces even though it's only practice.

I think I should get a soldering iron and some solder (blah blah) and then practice lol.

try getting an old board out of a junk stereo or something and practice on that. thats what i did.

I just hope its easy enough for me to do...

it's not that hard...just make sure you let the iron heat up before you try anything. it should be hot enough where when you touch it to the solder it instantly becomes liquid, you should never have let the point sit on the solder for any length of time before it melts..... also, I always have a wet sponge handy to clean the soldering iron every couple minutes...

Yea I've seen them using a sponge in some soldering video lol