From your description of the hardware, I would have to say no.
Sounds to me like you ahgve a piece of gear that is designed for DJ work, not a video application.
First off, just because the source media all looks the same, (i.e. a 5 1/4" shiny disc) they are not, and different media has different playback requirements. Most DVD player, however, are downward compatible and can play back CD's.
IOW, don't expect all CD players to be able to play back a DVD.
Next question; is this a DVD player or a CD player? I'm not sure that all CD players offer an output to support digital surround formats as found on DVD's. Virtually ALL DVD players do. If it's a Cd player and you expect DVD playback, you may want to rethink this.
If it IS a DVD player, are you sure it doesn't offer a digital feed via either digital coaxial or toslink? Look again.
But, to answer your original question, a two channel analog feed won't support a 5.1 digital experience. What it will allow is for that two channel stereo analog signal to be processed via your receiver's DSP, such as DPLII which will try to emulate a multichannel experience. And, to varying degrees, it may satisfy but don't even think it compares favorably to the true, discrete, multi-channel digital experience that only a digital feed can supply.