Dump it and load it in jungleflasher and it'll tell you. Ixtreme LT will show up as stock, anything before that will show as what it is (ixtreme 1.X etc).
Armadillo is spot on but I shall offer the cowboy method too- I assume this pertains to either a previously flashed 360 you got by whatever means.
To my mind there are 3 scenarios:
You want to play all the newest games but know ix1.51 and 1.6 will not play the wave4 and beyond titles (assuming the drive is not a Hitachi: http://www.360firmware.co.uk/driveid.html ).
You want to know if you are on 1.51 or 1.6- simple option is burn the iso file that comes with the firmware (xbins has it) and if you can get a wave 4 game to boot after using it then you have 1.6. If the activate.iso disc fails to do anything you have 1.51.
You want to know if it has LT on there or not? Tough one with 1.6NS existing now. If you have a game without splitvid (ABGX360 will be able to tell you- if you have an early 360 game that would be the best bet) LT will not boot it.
Either way if you are upgrading 1.6 NS is the best choice for offline firmwares and LT is the best choice for online.
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