I'd avoid feeding everything to your receiver and then going out from the receiver and into the TV. Different components (360, DVD player, PS3, etc.) require different calibration for an optimal picture and if you're feeding everything into one input on your TV, the picture quality of some components will be compromised.
I'd suggest getting yourself a receiver with some digital optical inputs. Then, run either your HDMI, component or VGA cable directly to the TV and the digital audio out from the 360 and/or other components to the receiver.
Xbox Live: XboxPhantom