The only sound chip I am aware of that does 5.1 digital encoding is the NForce based sound, and that only can be obtained via motherboards with the newer NForce chipsets.
Now, here is why this matters. The WMP9 5.1 signal is not typicially Dolby Digital, or DTS. Thus, it would then be up to the soundcard to turn this into a digital stream to feed to your receiver.
I was rather disappointed with the HD version of Terminator 2 that came on the DVD due to this. I tried playing it on my Shuttle, and found the same problem using the SPDIF out. Hooking up 5.1 via analog cables gave me the "surround sound" they put into it. AKA, all the speech was on the center channel only, and effects from time to time played from your other 4 speakers.