Most sound cards won't do better than HDMI audio, but it really doesn't depend on your PC, it depends on the receiver. HDMI is digital, so the quality is not dependent on the device that is sending the signal, but on the one that decodes the audio. Optical only carries stereo, unless the signal is compressed in Dolby Digital or DTS 5.1 (not all motherboards support it though).
I don't know about your receiver, but mine tells the type of the signal on the receiver's screen whenever I start to play something through it, and I've been able to get both DTS-HD MA and Dolby TrueHD to work through the HDMI connection of my PC (and that was with an ancient GT9600m).
EDIT: Sound cards exist because the sound quality of some older motherboards was pretty crappy, but that's not the case anymore. Nowadays only the high end cards help with quality, and that's if you have high-end headphones, the cheap sound cards are a marketing gimmick.