I use a very budget minded setup. 
PC moniter with VGA/DVI/HDMI in and 3.5mm (?) audio in/out. My surround sound is 5.1 with HDMI out for the dvd player and the red and white inputs alonf with 3.5mm input. Obviously I'm not gonna get true surround sound (at least I don't think) But what would give me the best possible sound with my PS3? Using the Audio out on the moniter what has the HDMI going in or just using the red and white directly to the sound system with the hdmi/componant cord combo?

Basically how would you connect these 3 devices?
http://www.amazon.com/Philips-HTS3555-Theater-System-Connectivity/dp/B000N5ZARK

http://accessories.us.dell.com/sna/productdetail.aspx?sku=320-7345&cs=04&c=us&l=en&dgc=BF&cid=7421&lid=197378

http://www.us.playstation.com/PS3


Don't give me none of that "get a better job/buy more expencive/whatever" comments please. Not everyone had a daddy who stuck wads of cash up our asses among other things.

If you directly connect the red and white to your reciever you have one less jump and possibility for distortion.  Also you should be able to get dolby surround with just the red and white.  It's nowhere near the quality of digital 5.1 using optical, but it will get you four speaker surround.