HDMI output to input, is it possible?

Ok so here is my predicament. I have an Alienware M17x R2 which as some of you will know has HMDI but it is output only. The screen is great to play games on and I have a limited amount of space in my room. I want to hook my Xbox up to the laptop so I don’t have to buy a new TV. Is there any way to do this without losing a lot of the quality? I was thinking like a HDMI to USB adapter with some software to back it up that I don’t know about or a bit of hardware that I can install in the laptop myself. I’ve already had it open on my desk when the warranty expired just to see what I was working with and I’m not exactly a virgin when it comes to tinkering around inside laptops/computers but I’m also no expert. I just thought that it was worth hitting the forums to get some advice before I bite the bullet and buy a TV. Any pointers you guys can give me would be greatly appreciated.