To get DD5.1 SPDIF out use a mono phono-3.5mm jack cable (or phono-phono RG59 and phono-jack converter as I do) connected to the yellow jack.
When I got my SBlive1024 nearly 2 years ago, DD5.1 was not supported but I enabled it using DVD Genie (search Google) a great little program that lets you fool around with all kinds of stuff.
Finally, I have seen a post somewhere stating that the SBlive SPDIF output is logic level not 75 ohm. This may well be true, I have not got round to checking, but my processor is happy with the yellow output.
Good luck,
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Audio:Tag McLaren CDT20R-T2L, AV32R-BP192, 100x5R, B&W 705 HTM7 CCM65, REL StrataIII + Behringer FBD
Video:Topfield TF5800 PVR, LumagenHDP, Pioneer 433MXE plasma, Sony HS20 90" screen
Other:HTPC
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