No, your PS3 needs an HDMI cable. It has an output for digital optical audio that you could hook up to your surround sound if it takes it but will only output sound from this port not video. I have my PS3 hooked up to my TV via HDMI and have my TV hooked up to my surround sound via the digital optical audio cable so the PS3s sounds comes thru the surround sound
No, the HDMI cable outputs audio, but if you are going. To play Rock Band, Guitar Hero, or RockSmith you should use the RCA audio cable( red and white cable ) to ensure proper sync between instrument, audio and video output
The digital optical cable is used to hear the games sounds through the home theater speakers, if you have the extra speakers. You will need a receiver the accepts the optical cable. The HDMI cable carries the video of the game to the TV and it carries the audio to the TV speakers. It is your choice on whether you want to hear the game through the tv speakers using the HDMI cable or hearing the game through the receiver that powers your sub woofer and surround speakers. For video you will always need the HDMI cable.
I never realy used this cable on my PS3. This cable is good for audio I bought it to use on equipment I have in my home studio. For PS3 I would sujest you the HDMI cable but if you have Rock smith you should use Component cable with RCA to avoid delays.