You have an excellent MOBO, it’s not top of the line but it’s up there and has had many respected reviews.
You motherboard has been designed to do what you ask.
On board your motherboard is a Realtek soundchip once you have the Realtek HD Audio Drivers installed you will be able to output via your optical (SPDIF) 7.1 + 2 Channel High Definition audio via activation through the Realtek HD Audio Manager. So all you need here is the right length of optical cable.
Well you already know that there is no on board video.
There basically two players, ATI and Nvidia. Well it has been suggested that ATI works better with this board, its not a given.
So what you need is DVI to HDMI conversion and then the proper length of HDMI cable and activation through your video cards manager.
In a nutshell all video cards have DVI out on the back of them. So what will be require is a DVI to HDMI conversion. This little device is referred to as a dongle. Depending on what video card is purchased some will come with one and some will not.
Now that we have that covered here is a bit of a twist for ya and as far as I know this still holds true today although I have not spent alot of time digging.
If you look at some the cards in ATI’s line some of the video cards are capable of decoding 5.1 audio. IE 3870,3890,4870,4890
In the home theater world we know that DVI is only capable of moving video, well ATI has manged to modify it’s DVI to HDMI dongle so that is will allow 5.1 audio to pass through with the video. Not all dongles are the same, and usually the correct dongle will come with the video card.
DVI to HDMI conversion,HDMI cable and activation via the video cards manager.
Simple, connect the DVI to HDMI dongle. Run your HDMI cable, Activate via the video cards manager.
Your audio is transmitted via optical out
Your video is transmitted via DVI to HDMI conversion. ( ATI’s extra option )
Now all you need is the appropriate software for playback.
I kinda of babbled a bit, But I think you can get it.