It should work if you have MF.dll installed (it bypasses the Product ID shit apparently).
Otherwise if you remove the xlive.dll from your halo 2 install (move it to a new folder) and use the default/original one (you'll need to install g4wl and potentially pinch the vanilla one out of your "C:\Windows\SysWOW64\xlive.dll" and put it in your/friends h2 install directories for it to work on their machines also (otherwise install the game normally and all those dependancies should be solved).
Dunno, i haven't had the change to fully test that idea out, so you may have to do a little more fiddling. (doing this would let you use the actual/original LAN browser)
Good Luck