1/5/12 UPDATE: According to recent topics, bans are now being issued according to Robert Bowling. But I have yet to find anyone to be banned. It may happen in the near future though so be prepared! (Click here)

Patch status: PATCHED AS OF 1/24/12
Ban status: MAY BE BANS STARTING FROM 1/5/12
Pictures going around is one picture of a user getting banned from having multiple MW3 copies + PS3's and boosting to 10th ( [ Register or Signin to view external links. ] )
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First off, ALL credits go to youngFamous and xxdemonkid. They made a tutorial but it wasn't working for other people. I just decided to make it more easier to understand.
This is my original tutorial, NOT copied + pasted or anything like that.

Anyways, here's the correct way to do it:

1.) Make sure you have 1 prestige token available (ONLY 1)

2.) Have a friend invite you in the Xbox Live Lobby

3.) Go to Barracks > Prestige Shop > Unlock Gear > Perk 1 > Blind Eye and click it ONCE

4.) You should be over the "No"

5.) Have your friend search for any match and then back out as soon as you are both searching

6.) Now you should still have that pop-up but not be able to navigate UP and DOWN

7.) Go to Barracks > Prestige Shop > Double XP and click Yes

8.) Now you should have another pop-up, make sure you click YES to that too

9.) Look at your prestige tokens - it should now be at - 1

10.) Now you may buy everything from the prestige shop that's available to you

NOTE: You do not have to keep doing the glitch. You may just keep buying anything/everything over and over and you'll notice your prestige tokens going down.

As always, you *may* be banned for this, if the servers are able to detect you going into negative prestige tokens.