It's done! (For now.)

Requirements:

- Video card with DirectX 9 support (Geforce FX and up, or Radeon R300 and up)

- DirectX 9 and up (not sure, but just for safety's sake)

- Windows XP. (Not tested on Vista.)

- XNA Redistributable 1.0R. (Download below.)

Download: 

RaySaber_kbmouse.zip - Keyboard and mouse control. 778 KB. Not recommended.

RaySaber_360pad.zip - Version for Xbox 360 gamepad. 778 KB. Recommended. Not tested and not likely to work with other gamepads, but I'll be adding support for them in future.

xnafx_redist.msi - XNA redistributable. Please install this before attempting to play the game. 1,991 KB.

Old screenshots 01: