I had a similar setup in my previous house. I assume your power and cable connection is behind the TV. Get an articulating mount for your TV and mount the TV on the wall. Raise the TV enough to get the blu-ray, cable box and Xbox under the TV. Have all your cords behind the TV.
Mount:
http://www.costco.ca//.product.10330...ontent=Default
And finally you can get rid of the cabinet.