I had to solve this issue myself a couple of years ago. The only way I managed it was to create an XML fragment containing the nodes in the node list and then passing in the children of the fragment.
XsltArgumentList arguments = new XsltArgumentList();
XmlNodeList nodelist;
XmlDocument nodesFrament = new XmlDocument();
XmlNode root = nodesFragment.CreateElement("root");
foreach (XmlNode node in nodeList)
{
root.AppendChild(node);
}
nodesFragment.AppendChild(root);
arguments.AddParam("argumentname", string.Empty, nodesFragment.CreateNavigator().SelectChildren(XPathNodeType.All));
Then you need to make sure you have the corresponding argument in your XSLT, of course.
Note that you probably don't need the additional XmlDocument. You could just call CreateNavigator() on the root XmlNode instance and use your existing XmlDocument for creating the element (I wrote this code some time ago and I've learned more since then - but I know the code above works, I haven't tried any alternatives).