Help with sound for a Xbox 360 w/ HDMI cable

I just got the new "kinect ready" 4GB Xbox 360 and I have it hooked up to my computer monitor via an HDMI cable (no actual TV). However my monitor has no built in speakers, hence no sound. Looking at the back of the xbox it looks like the only way I can get sound is to try and run a SPDIF-to-RCA converter from the xbox into my audio mixer.

The AUX cable that comes with it has the RCA connections on it, but its got a plastic bit on it that prevents it from being plugged in at the same time as the HDMI cable (assuming that's intentional), so I can't try and use that for audio as-is.

I guess my question is: Is buying a SPDIF-to-RCA converter my best bet for getting sound in this situation?

Edit 1: Monitor: SAMSUNG BX2431 LED (via newegg)

Solution 1:

You could use something that splits apart the audio and video data sent over the HDMI. something like an HDMI to RCA Component AV-Converter with a HDMI splitter perhaps, or if you have an unlimited budget then one of these should perfectly fit the bill.

Solution 2:

I checked out my monitor some more and there's a single RCA-out connection tucked away on the back of it. I hooked a single rca cord to it, plugged that into a single female-to-dual-male splitter, ran that into my mixer and am able to get slightly-distorted-but-workable stereo sound.

I'm going to try again with a better quality splitter and see if that helps, but its a solution at least.