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The DVI and HDMI video signals are identical. HDMI includes digital audio but it's unlike any other format of digital audio.
There are some rather expensive and over-featured 'black boxes' which are made for 'injecting' SPDIF, TOSLINK or analog audio into HDMI along with video from a DVI video connection.
I dunno if there's a box that will separate the HDMI audio and convert it to analog or another digital format.
What you could try is one of the Chinese S-Video, Composite video and analog audio breakout cables without the HDMI port blocking tab and use it for the audio connection.
If the 360 leaves both ports active all the time, that should work. Another alternative is an AV cable with an optical TOSLINK audio port, if your monitor has optical audio in and you can find an AV/TOSLINK cable that doesn't block the HDMI port.
FYI, SPDIF and TOSLINK audio data is the same, TOSLINK just converts it to light. Technically the two are fairly simple to convert between.
What the home entertainment market needs is an *inexpensive* little box with one HDMI port, one DVI port, one TOSLINK, one SPDIF port and a pair of analog audio RCA jacks. The purpose being to split HDMI to DVI and any one of those audio connections, or merge HDMI and any one of those audio connections to HDMI. Shouldn't even need a switch, should be able to tell which end the digital video is coming from and change automatically between split and merge.
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