5.1 to xbox

If you've got $3500 to spare, go for a Yamaha RX-Z9. It's got 6 component video inputs, supports up to 9.1 speakers, THX Ultra2+automatic room calibration, and too many other features to mention. It'll be the last A/V receiver you'll ever need to buy (unless you need DVI/HDCP/HDMI switching :) )
 
If you got a decent (yet not enormous) amount of cash to spend, you should look at the Logitech Z680 speaker system. It has all the inputs you need - SPDIF optical and coax, 6-channel analog and line-in, and it supports stereo, stereo x2, analog 5.1 (for PCs), Dolby Digital decoding, DTS decoding and Dolby Prologic2 as well. Everything you need in one stylish package.

Also, the sub isn't the weedy little thing one usually finds in consumer home theatre stuff, the amp for just the sub is 188W and the woofer is an 8-inch long-throw unit that handles quite a bit of volume I must say (I've made stuff previously lying on my computer desk rattle down to the floor with it). Ported bass speakers often have these annoying port "breathing" sound artefacts when large volumes of air moves through the channel, but the Logitech unit however has a very large-diameter, U-shaped port to counter that.

This system is awesome; excellent price/performance, good build quality and the physical design is nice. One little drawback is perhaps that it encourages playing games with the bass turned all the way up, thus putting your contract at risk when the neighbors in the apartement nextdoor starts to complain to the landlord. ;)
 
The Onkyo GT-S760 is a good HTIB, when you want to upgrade the speakers you will still have a good receiver.

Another option would be to get a cheap receiver and some good speakers. The Sherwood 7108 receiver is very good (click here for Sound & Vision's review) for the price and for speakers the Fluance SX-HTB are great.

Both are ~$500, I would personally go for the second option as you will still have a capable receiver and also have some great speakers.
 
If your budget is a little lower for speakers, you could buy a Creative Inspire GD580.
I've got mine a few days ago for ~150€ and its good enough for me.
 
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