I'm getting a PS3 for Xmas, but have just realised my LG HD ready TV has only got a DVI input. There is a single jack socket beside the DVI input labelled 'PC Sound'. There isn't an HDMI input.

Am I right in thinking that if I use an HDMI to DVI cable or adapter, the PS3 will work fine. I'll use an Audio cable and plug that into the PC sound jack. I've heard rumours that it won't work or at the very least won't play my standard DVD's through this set up.

Hope I don't have to blow my wallet for a new TV, there's moths living in there already.