I have my Xbox 360 sending to my Avermedia HD DVR via HDMI. I want to play in 5.1, but, unfortunately, the HD DVR won't transcode 5.1 to stereo, so, if I wanted to play in 5.1 I can't capture any audio. Is there a cheap device that has an HDMI passthrough that transcodes to stereo?
Or rather, am I just missing an option that will allow me to transcode to stereo with my HD DVR?
What you're looking for is called an audio de-embedder. This is one example, and none of them are going to be cheap (This one is $790 MSRP and is available generally only from professional video dealers):