Microsoft announced this morning that it plans to hold an event for European Xbox 360 owners from Friday, November 23 through Monday, November 26. Called “Xtival ’07,” the biggest benefit of the four day event is that all European Xbox 360 owners will have access to all the benefits of Xbox Live Gold-level membership, including the ability to play multiplayer games against other players over Xbox Live.

Xtival ’07 will feature a few events, including mystery gamers awarding Microsoft Points to players they enjoy playing against. On Friday, November 23 the developers of Project Gotham Racing 4 will be playing against other players over Xbox Live. Saturday will feature (so far unannounced) celebrities competing in Guitar Hero, and Sunday will emphasize various sports games.