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It's not UFO. It's a glitch from falling under the map Skidrow for like 40 minutes.
After falling a certain amount of time later on everyone else's screen you'll start falling from the sky infinite times, very fast. Then a while after that for whatever reason, you'll do the so called 'UFO' fly.
So there it is, video to come soon after I've sent my recording to someone.

Edit:
ORIGINAL VIDEO:
[ame="https://www.youtube.com/watch?v=a6JcXoRaDVc&feature=sub"]YouTube- Mw2 ufo glitch tutorial[/ame]

daswiftguy has now stolen our video and covered up the names. Now you all know what a pathetic **** he is.
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Edit #2: Here's my video. Much better IMO.
[ame="https://www.youtube.com/watch?v=G94m66_Vfxk"]YouTube- MW2 UFO Glitch Tutorial[/ame]

hope its useful. if not, good find if its real

It's merely visual, and only to others. So no not useful, but I posted it because daswiftguy was trying to gain subscribers from not releasing the tutorial to this, which really annoys me. Thus why I posted it here to stop that **** getting anymore subs from it.
Also it's kinda fun for confusing people in a private game lol

I remember seeing a video couple months back

Hows that?

I have never played any cod beside mw2 so what is a ufo hack?

haha thats funny..well good luck messing with his subs

instead of an AC130 you get a flying saucer that shoots "lazers"! This works on Karachi also. It takes quite awhile but when you stop, you are almost right at ground level. It's pretty cool to mess with people by flying through walls etc. No other use though. I haven't noticed any change in sound or speed with my 360 doing this.