Creative External Sound Blaster Live

[TBM24]

I found one for $50 and before i buy it. I'm not getting this for use as a sound card. I already have one I like. I'm going to be getting a hdcp monitor tomorrow to so I can use it with my hd cable coming on friday. Now i need to get sound from my PC speakers. Normally this isn't a hard task except my PC speakers don't have an external volume control on them. And it's a 5.1 setup. So by default it's really loud. Now i want this box because it seems that i can control the volume of my speakers through it. Now before I buy it. I need to know say I connect my cable to it through an optical cable since i see one on the box. Would it work like i want it to? Or am I just making assumptions?