mrjspeed:
Hold on a second there. Optical and coaxial are not only capable of 5.1. These are simply connection types, not formats. Optical can output any number of channels so long as its encoded properly from the start. If your blu-ray movies are encoded in 7.1 (Dolby Digital EX or DTS-S), then an optical connection will still provide you 7.1 surround. Most movies are still only encoded in 5.1 because the general standard is 5.1.
You cannot hook up speakers to the PC without the use of a receiver, because the receiver also serves as the amplifier. Speakers need power to run, and can handle up to a certian wattage level. Your PC will only output the signal, and your receiver/amplifier serves to amplify that signal. There's no way in the world your little tiny sound card will have enough power to power your surround speakers.
Using the method SergieV suggested will output 7.1 discrete channels to your receiver. However, the sound quality will be less for a number of reasons. First of all, the signal needs to be converted from digital to analog and then back to digital, instead of using digital all the way through. This conversion reduces sound quality. In addition, your cables are more susceptible to intereference. Lastly, you will get 7.1 discrete channels to your receiver, but your sound card will need to be able to decode Dolby Digital EX or DTS-S in order for you to get the true experience, *AND* the DVD/Blu-ray player you're using has to support your sound card's converstion method from the movie's Dolby Digital EX or DTS-S to discrete analog connections or they will otherwise be absolutely nothing more than the front left and right channels duplicated for the center and rear. That's not surround sound, regardless of whether the speakers are placed. Last I checked most sound cards (especially not those off a $80 motherboard) don't decode Dolby Digital EX or DTS-S into 5.1 or 7.1 discrete channels as well as dedicated sound cards do.
In short, stick with optical/coax even if you only have 5.1 channels.
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