Anyhow, I have a like 19" monitor lying around and no HDTV so I've decided to utilize it with my 360. I was wondering how to go around the problem of sound though, I have managed to connect my 360 to the Monitor via this bad boy;

http://www.amazon.co.uk/High-Definition-VGA-Cable-Xbox/dp/B003VD56JS/ref=sr_1_1?ie=UTF8&qid=1298492532&sr=8-1-spell

What I have on my monitor:

6 USB slots, I have no idea why and whether can I utilize them through USB speakers?

Audio DC 12V jack, a DVI jack and the standard VGA jack.

 I could use some suggestions as to how I can hear the sound with as low cost as possible, so I don't want to invest in some fancy cables please ;_;. Any advice is hopeless as I've been stuck on this for a while now and would much preffer not to purchase an HDTV right now.

Also whether I should just purchase this or is there any other way around it?

I really am hopeless in this area.

You don't have any speakers connected to your PC?

You could probably get some fairly cheap speakers off Amazon though.

You don't have a stereo laying around the house or anything?

Do your speakers have an earphone jack? You can get a splitter and plug them in there

Edit: Looks like this

i got one of those, but unfortunately the speakers that I do have don't have an earphone jack :/, so should I get one of those and a set of speakers with an earphone jack and it's sorted?

Ah I got teh cheapz one;

Are you using a desktop? If so you could follow this guide so that you can just run in through the computer itself

http://shaymus22.wordpress.com/2006/08/11/pipe-your-xbox360-audio-through-your-pc-speakers-in-10-steps/

Just so you don't have to go out and buy new speakers :)

I found that guide before, but when I did I was playing MW2 and nearly fell off my chair every time a gunshot went off, the feedback on it was abysmal that's why I was looking into getting a monitor with speakers instead, after having no luck I decided to give the old monitor another go. Btw wth are those USB ports in there for? Especially 6 of them :/

Flashdrives, external hard drives, fans, that sort of stuff.

And to answer your question. I do believe that is all it takes(that's what I did). But you might want to go ask Barozi. He knows more about this stuff then I do

I believe I have the same MS cables in the picture. I use the optical out on the part that plugs into the xbox to run audio to a headset. I know this isn't your set up and you don't wanna drop the money on a headset but you could use that same optical out to run it to a reciever if you have that. Maybe an old reciever from a friend or relative or even Craigs list/ebay perhaps for a cheap deal. Just as long as the reciever has optical inputs. Of course then you'd still need speakers...lol. 

I am surprised you found one of those cables. They stopped making them a few years ago I believe. I used one of them for a time. Then when I finally purchased an HDTV I no longer had a need for it anymore so I sold it.