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1. Kinect Sports Gems: 3 Point Contest
Description: Sweet! You reached level 1 (or observed another player doing so) and you're now a Preschool Player.
Gamerscore Worth: 5G
How to Earn: You need 2 stars to reach Level 1. See Slam-Dunk Superstar for more details on leveling up.

2. Jump Shot Wannabe
Description: On the up! You reached level 2 (or observed another player doing so) to become a Jump Shot Wannabe.
Gamerscore Worth: 5G
How to Earn: You need 3 stars to reach Level 2 from Level 1. See Slam-Dunk Superstar for more details on leveling up.

3. Basketball Enthusiast
Description: Love it! You reached level 3 (or observed another player doing so) to get to Basketball Enthusiast.
Gamerscore Worth: 5G
How to Earn: You need 5 stars to reach Level 3 from Level 2. See Slam-Dunk Superstar for more details on leveling up.

4. Highschool Star
Description: Shiny! You reached level 4 (or observed another player doing so) and the title of High School Star.
Gamerscore Worth: 5G
How to Earn: You need 7 stars to reach Level 4 from Level 3. See Slam-Dunk Superstar for more details on leveling up.

5. Tear Drop Baller
Description: High times! You reached level 5 (or observed another player doing so) to rank as Tear Drop Baller.
Gamerscore Worth: 5G
How to Earn: You need 9 stars to reach Level 5 from Level 4. See Slam-Dunk Superstar for more details on leveling up.

6. Fast Mover
Description: Like a blur! You reached level 6 (or observed another player doing so) for promotion to Fast Mover.
Gamerscore Worth: 5G
How to Earn: You need 11 stars to reach Level 6 from Level 5. See Slam-Dunk Superstar for more details on leveling up.

7. Bank Shot Hero
Description: Mighty! You reached level 7 (or observed another player doing so) to transform into Bank Shot Hero.
Gamerscore Worth: 5G
How to Earn: You need 13 stars to reach Level 7 from Level 6. See Slam-Dunk Superstar for more details on leveling up.

8. Pro Player
Description: Skills on show! You reached level 8 (or observed another player doing so) to be ranked Pro Player.
Gamerscore Worth: 5G
How to Earn: You need 15 stars to reach Level 8 from Level 7. See Slam-Dunk Superstar for more details on leveling up.

9. 3 Point Master
Description: Point taken! You reached level 9 (or observed another player doing so) to ascend to 3 Point Master.
Gamerscore Worth: 5G
How to Earn: You need 17 stars to reach Level 9 from Level 8. See Slam-Dunk Superstar for more details on leveling up.

10. Slam-Dunk Superstar
Description: Celebrity! You reached level 10 (or observed another player doing so) to become Slam Dunk Superstar.
Gamerscore Worth: 5G
How to Earn: ou need 19 stars to reach Level 10 from Level 9, for a total of 101 stars needed to reach Level 10.

Stars are obtained by completing challenges. Every challenge must be completed to reach Level 10

Tips:

Practice and learn what you need to do to make the shots. I found it easiest to fold my hands so that the four fingers on my right hand were between my thumb and index finger of my left hand and then push my hands up and out so that when fully extended my hands were slightly above eye level.
You can shoot the ball as soon as you receive it.
The amount of bonus time you receive for each made bonus time shot deceases in the higher rounds
Round 1-5: 10 seconds
Round 6-10: 8 seconds
Round 11-15: 6 seconds
I found the easiest way to purposefully miss a bonus time shot to be to turn to the left so that the kinect is facing the right side of your body and push your arms straight ahead and slightly to your right. This didn't work every time but seemed to be the most consistent way.
To excite the crowd after the game just flail around after the game ends but before the menu comes up.
Challenge List in the order that you received the challenge:

1 star: Reach a Score of 20
1 star: Scor 15 or more
1 star: Sink 3 balls in a row
1 star: Excite the crowd after a game
1 star: Score a shot in the first 2 seconds
1 star: Sink a time ball bonus
2 stars: Sink 7 balls in a row
1 star: Sink 2 time bonus balls in one game
1 star: Score 30 or more
1 star: Score from 2 different locations
1 star: Sink a total of 30 balls
2 stars: Reach Round 5
1 star: Score 20 or more without a time bonus
2 stars: Sink every ball on round 4
1 star: Throw with exactly 50 seconds on the clock
1 star: Score 50 or more
2 stars: Sink 26 balls in one game
1 star: Sink 4 time bonus balls
3 stars: Score every basket in a round
1 star: Sink 2 balls within 5 seconds
2 stars: Shoot from 5 different spots on the court in one game
1 stars: Sink a total of 40 balls
2 stars: Score 70 or more
3 stars: Have two balls in the air at the same time
2 stars: Reach round 7
2 stars: Sink 15 balls in a row
1 star: Sink 3 balls in 10 seconds
2 stars: Throw at 30 and 20 seconds on the clock in one game
2 stars: Get to round 4 without missing a shot
2 stars: Sink 35 balls in one game
1 star: Clear a round in 16 seconds
3 stars: Bank a total of 100 seconds bonus time
2 stars: Clear round 6 with more than 10 seconds on the clock
3 stars: Reach round 8
1 star: Score a shot in the final second
2 stars: Sink 3 balls, but wait 10 seconds between shots
2 stars: Clear round 10 with more than 10 seconds on the clock
2 stars: Sink 8 time bonus balls
3 stars: Shoot with 30, 20 and 10 seconds on the clock in one game
3 stars: Score 90 or more
3 stars: Score every basket in 2 consecutive rounds
3 stars: Sink 3 balls within 5 seconds
2 stars: Score 40 or more without a time bonus
3 stars: Sink every ball on round 10
3 stars: Sink 8 balls in a row but don't sink a time bonus ball
3 stars: Clear a round in 12 seconds
3 stars: Sink a total of 60 balls
3 stars: Shoot with 34, 24 and 14 seconds on the clock in one game
3 stars: Shoot from 10 different spots on the court in one game
3 stars: Score every basket in 3 consecutive rounds
3 stars: Bank 60 seconds bonus time in one game
3 stars: Reach round 15