Playstation 2 Audio through my PC?

I want to get the surround sound from the Playstation 2 to my 5.1 headset on my PC. I want to know if this will work:

I intend to plug the optical cable from the PS2 into the Optical I/O on the mobo sound, then have it come out of the Audigy LS that my headset is connected to. (The LS has no optical connection)

I appreciate that I will probably loose any Dolby or other coding, but will I be able to maintain the 5.1 signal through to my headset? I don't want to loose the abilities of the Audigy otherwise I'd just use the mobo sound.

Any advice would be appreciated!