Xbox 360 and Speakers

Yes. The page you linked to even says it comes with "color coded audio cables, game console adapter and quick-start guide".

It won't be "true" 5.1 though, because it will be using a stereo inputs (the red and white cables coming from the 360) to create that 5.1 sound.
 
Save up a little more and try to get a cheap Onkyo or something similar. PC speakers just aren't going to cut it.
 
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