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I have a soundbar with 1 optical audio input and two red/white audio inputs.

I have two devices with optical audio outputs (TV, PS3). Neither device has red/white audio outputs.

What is the best way to connect both the PS3 and TV to my soundbar? Currently I can only have one connected at a time. Should I get an optical audio switch or should I try and get a converter that converts optical audio to component audio?

Can the PS3 do PCM over optical audio? The soundbar only takes PCM over optical audio input.

Is this what i need?
http://www.monoprice.com/products/pr...seq=1&format=2