PC Video "Real-time" Processing

Can a cheap PC do "real-time" video and 5.1 audio yet?
Just got 1st plasma TV - it has NO analog audio outputs! Have Klipsch 5.1 analog-in audio. Have SoundBlaster THX 5.1 USB soundcard. I don't know bleep about HDMI or modern TVs.

If I plug the HD-3D bluRay player into a laptop's HDMI port, and the TV into the other, can I get the video to the TV AND the audio to the soundcard by USB -- IN SYNCH?

If this is possible yet, can I do it with a cheap laptop, or do I need a fancy one (it will be dedicated to this task only)?

What software do I need to accomplish this?

Am I asking the wrong question? Is there a better way to get where I'm going?

Thanks, and sorry for the vague, dummy's question. I'm an engineer, but ignorant of all this.

 

Yes most cheap laptops can play blue ray or high definition content and 5.1 surround via he hdmi.

Connecting a stand alone blue ray player to a laptop and then to a TV using the laptop as pass through device will be little more complicated though, some laptops do have a HDMI input to allow watching a blue ray or playing a ps3 game on the laptop screen although it would depend on a number of factors as to whether it would work as a passthrough.

If you got a laptop with a blueray player built in or bought one and installed it, it would work no problem via a TV.