OK, I think I found a setup I like, but not sure if it will work the way I imagine.
I get a HMDI to HMDI + Audio splitter: http://www.amazon.com/gp/product/B00BIQER0E
I get a S/PDIF cable: www.amazon.com/gp/product/B001TH7GSW
I get an external USB sound card: http://www.amazon.com/dp/B00K1OOGRI...