In the video below, Motley Fool analysts Austin Smith and Charly Travers discuss the opportunities that Microsoft (MSFT -1.84%) offers investors, and what may be the tech giant's most underappreciated weapon -- the one in your living room. That's right: Xbox.

Xbox, which sold like hotcakes during last year's holiday season, has become more than just a video gaming system. It is a content aggregation system, and more people are using it to view movies and other media, as Charly explains. With investors' focus trained more on the forthcoming Apple (AAPL -0.57%) TV, this "sleeper opportunity" could serve as a big catalyst for Microsoft in the years to come.