I'm trying to set up the ultimate entertainment rig via the aid of my pc. My specs are:

1)AMD 3700+ overclocked to 2.585ghz.
2)nvidia geforce 7900gt oc, overclocked beyond standard oc
3)2gb dual channel
4)298gb 5)sceptre 1650*1050
6)x-fi platinum 7) z5500 5.1 system

Now I have a tv tuner and Im planning to get 360 and ive been thinking about this:

360 with connection to my lcd monitor via cable, and connection to my 5.1 set up using that 39.99 cable.

Then xb live with that overpriced adapter. Will this setup work, i got the gift money for the 360 and i figure this will save alot of $ on hdtv's when i already have one?

Also, are there hdtv tuners or ways to get hdtv signal into your pc so you can watch it like a standard signal from a tv tuner nowaday?