question about hdmi video and audio

I would like to purchase one of the new 250gb 360's and replace my old 20gb white one without hdmi. But i use my monitor for all of my gaming systems and it doesn't have built in speakers, so if i connect my 360 using an hdmi cable to my monitor can i still use the red and white audio cables to hook up to my stereo? I do this with my PS3 but i am not sure if im able to with XBOX

I would like to purchase one of the new 250gb 360's and replace my old 20gb white one without hdmi. But i use my monitor for all of my gaming systems and it doesn't have built in speakers, so if i connect my 360 using an hdmi cable to my monitor can i still use the red and white audio cables to hook up to my stereo? I do this with my PS3 but i am not sure if im able to with XBOX

reckless613

awesome, thank you! that 3rd option doesn't seem too bad.