The free trial begins today and grants users access to all of Xbox Live's Gold features, including LoveFilm and online gaming.
Zune Video will also be offering movie deals and free content, including 40% off titles such as The Hangover, The Bourne Identity and The Green Lantern.
Users can also enjoy a free ten-minute preview of recent domestic release The Hangover Part II as part of the weekend's festivities.
Microsoft also plans to run a number of competitions, with prizes such as a Samsung TV, an Xbox Kinect bundle and 8000 Microsoft Points all up for grabs.
The free Xbox Live Gold weekend comes in the same week as Microsoft released the latest dashboard update.
The new Xbox 360 dashboard update adopts the Metro panel seen on Windows Phone and Windows 8 operating systems.
Channels can be navigated using either a controller, Kinect or voice control, which will be integrated into its brand new Bing search function.
A series of entertainment apps are due to be released over the coming months, including YouTube, LOVEFiLM and BBC programming.
> Read Digital Spy's hands-on preview with the new Xbox 360 dashboard update
Watch a preview video for the Xbox 360 dashboard's new entertainment services below: