You will have to see how your player deals with digital connections (optical or not). In order to get 5.1 from BD multichannel PCM (or DolbyTrueHD-DTSHDMA), the player will need to either "flatten" all channels into 2-channel PCM, which will then need to be re-expanded by one of the stereo-multich DSP problems (PLIIx, Neo:6...), or it possesses the chips to re-encode in Dolby Digital 5.1 or DTS 5.1. The latter is unlikely in my opinion.
In the BD audio disk, there might be regular DD5.1 or DTS audio tracks.
To get "proper" BD audio, you need either an HDMI connection (which I presume your receiver does not have otherwise you would already be using that!
) or you need to use 6-8 analog cables if your player has multichannel analog outputs.
