Yes it is possible. There are two ways to do this. I use both at different times.
The way I do it is I connect the component cable out from your Sat. box to the assignable component in, to avr. This allows you to assign the component Sat box to an unused input and either use analog Red/White or assign digital Optical/Coax for music or what ever you want to listen to.
I use this method with the superior component video with the Optical audio from my apple Tv.
I then connect a composite yellow from Sat box out to avr composite Sat/Cable in. This allows you to use the Video Select feature on nearly any of your inputs including Net/Usb and Airplay. The only caveat to this option is that when using there must be no Hdmi or Component assigned. The Hdmi and Component must be set to none.
I use this option mainly for Net/Usb.
Edited by spager - 3/21/13 at 5:05pm