I have multiple components for my home theater that I would like to set up running all of them through my receiver so that I can use my stereo for each component. I'm not sure what the best way to do this in order to maximze my system. The following are the components that I have.

-Onkyo 605 Receiver: 2 HDMI Inputs, 1 HDMI Output
-LCD TV: 2 HDMI Inputs
-XBOX 360 Elite: HDMI ready
-Pair of tower speakers
-Subwoofer

I have the speaker wire and sub wire and will not have problems hooking them up, but as far as being able to use the speakers for both the xbox, tv, or any other system that I would want to use I'm not sure the best way to hook it all up. I would appreciate any insight and advice. Thanks!

Note: I currently have 3 HDMI cords. Will I need any more?

Seems kind of straight forward. You run the HDMI output from the receiver to the LCD TV. Connect HDMI from Xbox to the receiver. Depending on the audio outputs from your TV you run coax or optical audio back to the receiver from the TV. Still leaves you 1 HDMI input on the receiver for a future Cable box, Sat receiver or DVD player.