ST2210 HDMI Audio Out?

Hey there folks. I've had this monitor for a while and it's be the greatest, but I've got a question about its HDMI capabilities. Is it possible for me to hook up my XBOX 360 via HDMI cable only and then simply plug my speakers into the Audio Out jack? Or would I need to get the appropriate adapter and use an RCA adapter to plug in the XBOX audio to the Audio In jack?

I'm almost certain you can simply use a single HDMI cable to transmit both video and sound for compatible TVs and monitors with speakers, but I wasn't sure if this theoretical setup would work.

Thanks for the help,

Min