I don't understand why do you want to use the Y cable. You should connect the PC to the receiver and the receiver to the speakers and the projector.
With any sound card, you have the possibility to send SPDIF signals untouched, so, if you're watching a DVD the encoded multichannel sound will go to the receiver to be decoded and be sent to all the speakers.
The only problem is when you're playing games with multichannel sound, this time the signal will go to the receiver, but only containing the left and right channels. This is because the computer is not encoding the sound in realtime. To get around this you can choose 2 paths:
- connect 3 more cables from the analog outputs in the sound card to the multichannel analog inputs in the receiver. You'll have to get a receiver with multichannel analog inputs.
- get a sound card with DDL (Dolby Digital Live), this feature encodes the sound and passes it to the receiver with a single SPDIF cable or optical out. The X-Fi series support this feature, see if your card is supported and if so you'll have to activate the DDL feature ($5 if I remember right).
I'm using DDL and prefer it to the multichannel options due to less cable clutter and my receiver not using bass management on the multichannel inputs.