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I'm wanting to put my three consoles (X360, PS2, and GQ) behind my couch on a table so I don't have to get up to switch games. Someone was telling me about a ethernet based solution to connect these systems remotly to the home theater (a good 13' away) without having to run seperate cables for each device.

The idea was a device which would convert component video and digital audio into a ethernet signal, then decode it at the other end back into component video and digital audio. And suggestions?