It's possible, but not a simple "switch the audio to CD while you watch TV" like you can with an older receiver or integrated amp. You can use one of the spare video inputs on the Denon with an unused video output on the SAT receiver (like composite or S-Video), though, and go into the Input Assignment part of the menu, then choose SAT as the video input with DVD/CD as the audio input. Name it whatever you want and whenever you press the button that corresponds to that input command, it'll be set up for you. If you use a universal remote, you can just create a new button and call it anything, like CDSAT, etc.
If you absolutely don't want to give up any video quality by not using HDMI or Component Video, a small distribution amp will buffer the outputs and won't cause any degradation that may occur by using Y cords. Y cords do work in a pinch, though.
