1) Does the package include the "kinect" device or i have to buy it separately? You can buy a 360 Elite Kinect bundle. It costs more though. ($399.99 I believe)
2) Is there a 2 controller package available ?; and if so, how much more do i have to pay? As far as I can tell, no.
3) My TV is not HD, it's a normal 29 inch Television with all three red, white and yellow input. So, can i run the machine with my current TV ?. Yes. It comes standard with composite A/V cables.
4) Is there any possibility for the price to reduce if i buy just before the Christmas ? Probably not. They don't lower the MSRP on consoles very often. The Wii, for example, has only been price dropped once.