Bored of the rings wrote a dbo to directx converter, its in the 3rd party tools section of the forum.
However even with a .x importing it into blender isnt a good option because the the .x addon in blender only exports and the only third party .x importer is very hit and miss.
The best way is to import the dbo into fragmotion, then export it to .obj and import that into blender, edit it and export out to .x
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