Welcome to the forum!
By "cheap", what kind of budget are you talking about? If you want to process audio over HDMI (which you need in order for the receiver to handle that codec), you are currently looking at receivers in the $350 (maybe higher) and up range. Some nice units are the Yamaha RX-V663, the Pioneer VSX-1018AH, and the Onkyo TX-SR606.
If you can wait about four months, the next crop of Pioneers and Onkyos will hit the street (I'm not sure when Yamaha's new models come out)...HDMI audio processing might find it's way into the lower-priced models like it has every year.