looks like a usb headset to me that also has the capability to be used analog as well. when in usb mode with the logitech software you should be able to use it in 7.1 mode fine. if connected via analog mode then no, not unless you used other software (keep in mind virtual 5.1/7.1 is different from having 5.1/7.1 speaker ports).
the headphone itself is only stereo. the 5.1 effect is faked via software (likely in this case done with the usb cable and software on pc from logitech)
is it a good headset? hard to say as it has both good reviews and bad. the bad notes problems with the software, build quality, static and microphone.
for similar cost you could get something like the ad500x/ad700x or hd518/hd558, a cheap microphone and use...