So it turns out the capacitor (2.5V 1F) that keeps time in the original Xbox seems to have a 100% failure rate.
I took apart a close to launch model Xbox version 1.0 motherboard manufactured 11-29-2001 and it was fine but had started to corrode, I took it off. I then took apart my main Xbox the Halo Special Edition Green transparent console manufactured 02-13-2004 with a version 1.4 motherboard and long behold it was spraying blue liquid everywhere near the capacitor, luckily it wasn't much and I removed it as well.
The good thing is if you have motherboards versions 1.0 through 1.5 you can either de-solderer or just rip the thing off the motherboard and it will function fine without it. Only thing is if you unplug it or have a power failure the time will have to be reset which is no big deal.
Motherboard Version 1.6 however will not run without this cap it seems so it will have to be replaced and monitored in the future.
You could also replace all versions with a new capacitor or a super capacitor with a higher rating to have more clock time when unplugged but it will eventually fail in the future as well, so might as well keep it off unless you have a version 1.6 motherboard.
If your wondering what version motherboard you have and have your Xbox open you can check it out on Xbox Scene http://www.xbox-scene.com/versions_1.php
Thanks to lukemorse1 on YouTube for bringing this to my attention. You can see his how to video on YouTube: http://www.youtube.com/watch?v=9cdR8Ryn4wE
Just another thing to keep in mind with anyone that keeps up maintenance on their original Xbox's. Thought I would share.