You think you’ve got what it takes to make good Xbox games? Then Microsoft’s “Xbox LIVE Community Games” is the solution that users have been waiting for.

In a keynote address at the Gamefest 2008 Microsoft Game Technology Conference, Chris Satchell, chief technology officer at Microsoft’s Interactive Entertainment Business Group, revealed new plans for the XNA Creators Club which will allow users to actively take part in the multibillion-dollar-a-year console gaming business.

As Satchell pointed out, Microsoft is not only democratizing the game development with the Xbox LIVE Community Games, but it is also creating opportunities for aspiring developers. This “will no doubt act as an incentive for game creators to continue to develop the best, most innovative games for Xbox 360.”

Community games that have past the peer-review system will be added to the Xbox LIVE Marketplace, Microsoft revealed, which basically means consumers will be able to purchase them for preset retail prices ranging from 200 to 800 Microsoft Points. This way, developers will receive 70 percent of the revenue generated by the games they’ve created.

Microsoft expects from the Xbox LIVE Community Games, after it will be launched this fall, to double the size of the Xbox 360 video game library, which by the end of the year should reach over 1,000 Community Games, Xbox Arcade and retail blockbuster titles.

Since its launch in 2006, The XNA Game Studio has been downloaded over 1 million times, and had been adopted in over 700 universities, said Boyd Multerer, general manager of XNA, adding that the “incredible creative community … unleashed worldwide” is 25 times larger than the community of professional developers in the industry.

In addition to all that, Microsoft is also hosting the second annual Dream-Build-Play game development contest for XNA Game Studio projects, with prizes totaling $70,000 and the opportunity to sign an Xbox LIVE Arcade publishing contract for the winner.