I am not sure there is a limitation to the number of channels for PCM. There are blu-ray discs with uncompressed 7.1 PCM. DTS 5.1 can be passed as a PCM stream as well (DTS-CDs). AC3 is dolby (surround or digital) and may contain any number of channels depending on the encoding, from 2.0 to 7.1. So to say that any of these might be one way or another can be difficult. In your case, you do need to check the TV for the digital audio output settings since that is going to determine the limitation of what you can get. Most have some combination of PCM, DD and/or DTS and it will often output everything in those formats regardless of what the original signal type was. Try each of them and see what sounds best to you.
To get the most out of the current formats, an upgrade to an HDMI equipped receiver may be worth it, but how you have it now for your gear probably just needs a little poking around in the menus to get the most out of it.