Instructions
Open your gamer profile from the Xbox Dashboard or Guide and select "Edit Gamer Profile." We'll use "Player1" as a gamertag.
Select "Profile Name" and enter a new gamer profile name, like "Player2," then sign out of the Xbox Dashboard.
Select the "Xbox Live" banner in the Xbox Live area of the Dashboard, then select "Join Xbox Live" and follow the onscreen instructions.
Enter your original gamertag ("Player1," for this process) when prompted. You should get a "Gamertag in use" message. Select the "Recover Gamertag" option and follow the onscreen instructions. You'll be asked to create an Xbox Live membership during this process; be sure to create a free Silver membership, as other membership types cost money. Have your Microsoft Passport Network password and email address available for this step.
Repeat steps 1 and 2 to change the name of your new gamertag to something besides the two gamertags used so far, say "Player3." Sign out of the Dashboard.
Sign back into the Dashboard using your original profile (renamed "Player2,") then quickly change the profile name back to your original profile name ("Player1.") Your games and achievements will now be associated with your original gamertag.
Repeat step 4 to join Xbox Live using your original gamertag. You'll need to set up another Microsoft Passport Network account during signup, since your original account will stay linked to the "Player3" gamertag. You can delete the "Player3" account from your Xbox, since you probably won't be using it.