I am not familiar with connecting a 360 but HDMI is pretty universal so you should be able to just plug it in and go, you may need to tweak some settings on the 360/monitor to get the correct image settings tho. I don't think it could cause any harm or anything.

Yeah it seems that is pretty much it based on YouTube videos. Thank you very much for your help.

you might need some cables for your speakers, depending on what kind they are

All you gotta do is plug in the HDMI to the monitor and be sure to be on the right input on ur monitor. Also make sure you have your speakers coming out of your monitor and not your computer unless u have another setup.

Yeah, the HDMI is straightforward. Depending on your audio solution, you may have to get more cables and adapters though.

If that is what you purchased then you should be fine. You can use the hdmi cable to connect to your monitor. If your monitor has speakers then you should be fine like that.

If not then you can use that audio adapter to hook up rca cables (or optical cable) to your stereo/surround sound system. If you only have small separate speakers that don't use those type of cables (for example, with a mini plug) then you might have to get a cable adapter to hook them up.