In a recent email from Wasabi 360 they stated they have a way to extract keys with no soldering or 3rd party hardware. Read More:
From the team that brought you the intuitive and immensely popular "virtual ISO" on-screen menu system for Xbox 360 optical disc drive emulators comes yet another world first - fully integrated, automatic drive key extraction.
With Wasabi 360 Ultra there is no need for expensive third party drive key extraction hardware: with a single press of a button on the Wasabi 360 control panel, the drive key is automatically extracted from your original ODD and saved to Wasabi 360 Ultra's onboard storage for future use. And that's all you need to do - the previously saved drive key is retrieved and used automatically on each subsequent Xbox 360 boot. Simply plug and play - easy, fast, safe and convenient.
See the video of the automatic drive key extraction in action:
The automatic drive key extraction feature currently supports all Xbox Slim Liteon 16D4S drives, and support for the various Xbox Phat drives is currently under development. Automatic drive key extraction for Xbox Slim's will be included in the upcoming v1.2 BETA 2 firmware release. More details will follow on the Wasabi 360 Ultra website in the coming days, stay tuned.