Pre-requisites:
- Intel Mac
- VMWare Fusion 4, download trial here
(Parallels should work just as well)
- iXtreme Burner Max, download here
- Windows XP, Vista or 7 ISO (tested: Windows XP Pro Corporate/VLK 32-bit)
- SATA to USB bridge/adaptor or 5 1/4" SATA to USB enclosure (tested: JMicron and Sunplus-based adaptors)
- One of the following internal 5 1/4" Liteon DVD writers:
Liteon iHAS124B = baseline model
Liteon iHAS224B = 124 + LightScribe
Liteon iHAS324B = 124 + SmartErase
Liteon iHAS424B = 124 + LightScribe + SmartErase (or = 224 + SmartErase)
Liteon iHAS524B = 124 + LabelTag + SmartErase
Liteon iHAS624B = 124 + LabelTag + LightScribe + SmartErase (or = 524 + LightScribe)


Step 1:
Follow any of the hundreds of tutorials available to creating a Windows VM.

Step 2:
Boot the VM and connect the Liteon's USB bridge to the VM. In Fusion 4 use the "USB & Bluetooth" function within the "Virtual Machine" Menubar drop-down.

Step 3:
Drag the Burner Max archive contents onto the VM's desktop. Follow the max burner packaged PDF instructions on updating the drive to the latest Liteon firmware *before* updating the drive to Burner Max. You will also need to reboot the VM and cycle the power on the Liteon between the two firmware updates. In Short:
- Run the Liteon update/binary in your drive's firmware directory (reboot)
- Run EEPROM to backup the drive
- Run flash utility to read/write the drive (use burner max file in your drive's firmware directory)

You're done!

PS: Free burning solutions for XGD3 backups - ImgBurn in Windows VM or Growiosfs in OSX

Thanks for your Mac guide Josh256, it worked a treat!

Updated LT+ 3.0 Burning Guide for Mac here