Audio Processor

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Hi I'm looking to build an audio processor. I want to have a system that creates a set of virtual speakers with an spdif input. i want to have the option to have the spdif input to give a 5.1 analog output to an 5.1 amp I've built. I'm new to digital audio and I'm not sure I've used the right terms so correct me if I'm wrong. I've researched Dolby's Virtual Speaker System and have had a look at SRS Technologies but i only have a basic idea on how they work. I'm looking for an IC that may be able to process this for me and that is actually available for me to buy.:xeye:
 
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