Don't see why not. I bought one from RadioShack but I couldn't get the SB Live drivers to work in one of my computers so I returned it and never got to use the mini-to-RCA adaptor.
The adapter will work but you should know that there is some risk involved. On the Live Value digital output, the voltage is higher than SPDIF specifications. Most receivers don't have a problem with this but most people recommend getting a Hoontech add-on to bring the output back to within spec. See xcel's component list for some links on the Hoontech brackets.
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