You can tell E3 is getting close, the news surrounding Xbox and PS3 is heating up. The latest is an announcement from Microsoft today that they will debut the new Xbox on MTV in North America, Asia Pacific and Europe over a 24 hour period:

According to Microsoft, Elijah Wood, who played Frodo in the Lord Of The Rings Movies, will host the debut, which is called “MTV Presents: The Next Generation Xbox Revealed”. Microsoft’s release indicates the global broadcast will premiere Thursday, May 12, at 9:30 p.m. EDT in North America and on Friday, May 13 in other regions around the globe.

According to the dates and times released for this launch, North Americans will see the new console on May 12th, four days before what was previously thought to be the date of debut. Also speculated today is that Microsoft and Pepsi are teaming up for a huge giveaway:

The contest will use an under-the-cap registration method (much like Pepsi did before with those iTunes giveaways), and supposedly they’ll be giving away one console every ten minutes, 24 hours a day, for nine weeks straight.

Read: WebProNews & Engadget