Sure thing.
First of all, the back button on the 360 controller isn't used, although its mappable. The only button besides the six attacks buttons that is necessary is the start button.
Basically, download both PPjoy and GlovePIE. On PPjoy, run "Configure Joysticks" from your Start Menu. Create 1 (or two if you have a two player panel) virtual controllers, with 2 axes, 7 (or more) buttons, and no POV hats. Don't worry about the other settings. You can exit PPjoy after they're created. Open up GlovePIE.
On GlovePIE, click the GUI tab at the top and click "Choose Manually...". Change Output Device to "PPjoy Virtual Controller" and then select the controller you wish to edit in VirtJoy. If this is the first one you're doing, that'd be 1. Under that there's a bunch of inputs. Click Analog0. On the right two buttons will appear. Click Detect Input and press your U360 to the left or right. Then on "Part of device, or numeric value or Expression" select "x". Then click Apply. This will map your U360's x-axis output to the x-axis output of the Virtual Joystick. After that is done, click Analog1 on the left. Once again, click Detect Input, but this time press up or down on your U360. Then select "y" in "Part of device, or numeric value or Expression" and apply. This maps the y-axis. After this is done, select Digital0. These are slightly simpler. Just click "Detect Input" and press any of the buttons you'd like to use. Then click apply. Continue down the Digital Inputs until you have all the buttons you need mapped to the outputs of the Virtual Joystick. Once all this is done, click "Run" at the top. Then go to Game Controllers in your Control Panel, assuming you're running Windows. In Game Controllers, select the PPjoy's Virtual Joystick that you just mapped everything to. Double Click it to open up a calibration panel sort of thing. Move your U360 around and press all the buttons. It should move the crosshair and light up the buttons in the joystick dialog. If everything is working, go back to GlovePIE. Click File> Save As... and save this script as anything you'd like. If you want to map a second player, leave GlovePIE open and just select another Virtual Controller under Output Device under GUI and map everything with the second controller just like you did the first. Once this is done, this one script should run both virtual controllers.