To connect the IR Receiver to the USB port you will need:
1. Carefully, pry open the casing of the receiver with the flat screwdriver or the knife. The sides of the plastic case are glued together at three different places on each side, two places at the top, and two at the bottom. You will probably hear snapping sounds but if you do it right, the plastic will only get unglued.
The following image shows the basic layout of the exposed circuit board side after opening the case.
2. Cut the USB Cable so that the piece which has the male connector is the longer one. Strip about 1.5 inches of insulation from the cable. Now, strip 1-2 millimeters of insulation from the end of each cable; just enough to solder the wires to the points in the previous image.
3. Solder each cable to its corresponding soldering point on the circuit board of the receiver. There is no yellow wire on USB cables, so it isn't used. The cable's shielding wire goes connected to the Ground on the board. Make sure that no connection makes contact with another one.
4. You can cut or drill a notch at the bottom of the cover to put the USB cable through it. You should also be able to make the notch on another part of the cover but it will probably be more work.
5. You're done. The IR receiver can still be connected to an XBox.