not unless you have a way to plug your blue ray to an audio source (like a optical cable)?
red and white are audio outputs and I would find it hard that your tv doesn't have red and white inputs on it but some how you need to get the audio from the blue ray to sound system or the tv.
you can use rca cable to connect component inputs you just have to note which color wire you hook to which color plug. like you can connect the yellow wire to the red port on the tv then connect it to the red port on the blue ray.
(all the plugs on the wires are the same there just color coded so you don't mix them up)