Yes, there's a good way. I use the newly released Steel Series Xbox 360 Headset Connector. It basically plugs into your controller where your Xbox headset usually does. It then has a wire that plugs into your stereo headphone out on your receiver, and a couple of jacks (red and green, pc input style) on the back for you to plug in a) your headphones, and b) your external mic.
I've used it with a regular pc external lapel mic and my Sennheiser HD-280 Pros. You then have to set your personal settings in the dashboard to play voice chat back through your stereo speakers. Works like a dream!
The device costs $15.00 (plus shipping from Denmark).Steel Series shop
On the navigation header, click the "Shop" link, and then the "Accessories" Link. You'll find it near the bottom of the list. Comes in black or white.
Minuses: you have to sit close enough to your stereo receiver for the cords to connect. You can use a headphone cable extender, though. Also, there's no volume control on your mic. So, it's good to have a lapel mic you can move up or down on your shirt until it sounds normal to your buddies.
I can't recommend it highly enough.