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Owned franchises and properties:

Aegis Wing
Age of Empires
Age of Mythology
Azurik
Banjo-Kazooie
BattleTech
Black & White
Blinx
Bloodforge
Blood Wake
Blue Dragon
Brute Force
Combat Flight Simulator WWII Europe
Comic Jumper: The Adventures of Captain Smiley
Conker
Crackdown
Crimson Alliance
Crimson Skies
Fable
Forza Motorsport
Freelancer
Fusion Genesis
Fuzion Frenzy
Game Chest Series
Grabbed by the Ghoulies
Halo
Hexic
ilomilo
Infinite Undiscovery
It's Mr. Pants
Jawbreaker
Jetpac
Joy Ride
Kakuto Chojin
Kameo
Killer Instinct
Kinect branded games
Kodu
Kung Fu Chaos
Lips
Lost Odyssey
Magatama
Maximum Chase
MechAssault
MechCommander
MechWarrior
Microsoft Flight Simulator
Microsoft Train Simulator
Microsoft Space Simulator
Midtown Madness
Monster Truck Madness
Motocross Madness
Ms. Splosion Man
Nightcaster
Ninety-Nine Nights
N.U.D.E.@Natural Ultimate Digital Experiment
Perfect Dark
Phantom Dust
Project Gotham Racing
Quantum Redshift
Rallisport Challenge
Rise of Nations
Shadowrun
Sneakers
'Splosion Man
Starlancer
Sudeki
Tao Feng: Fist of the Lotus
The Gunstringer
The Harvest
The Maw
The Movies
Tork: Prehistoric Punk
Toy Soldiers
Trenched
True Fantasy Live Online
Viva Piñata
Voodoo Vince
Whacked!
XNA
Zoo Tycoon

Just remove the odd PC game as well as XNA and they still have plenty of IPs that they could be putting to use.