Jeff there are devices that will let you send component and audio over cat5 but to be honest, a new Blue Ray player would be about the same cost. You will get great STD DVD upconvert (looks amazing), the ability to play BR (look even better) and most likely internet apps (not all that great unless you use netflix) and of course HDMI out! All this for about $170 + HDMI cable.
NOTE if your run is over 30ft you may need to get an HDMI repeater and at the very least buy large gauge HDMI cables meant for long in wall runs. There is a forum for everything HDMI, I would look there about long, in wall runs.
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