Chipped X-BOXES does that mean they can find stolen ones?

With the recent launch of Call of Duty and also the bigger story of Microsoft blocking chipped X-Boxes it led me to think about how much information Microsoft have on the owners of the consoles. As a occasional user I am in no way qualified to know any of these questions but I wanted to theorise if they can track the consoles which have been chipped does that mean they can track the actual physical x-box? if that is the case would it mean that they could track the serial codes of the x-box and if yours is stolen then they could track that and turn it off?

Only a thought...