I have got Samsung 2253BW 22" Widescreen LCD Monitor. It has following.
Resolution: 1680 x 1050
HDCP for display of high-resolution digital content
Signal Input
Video Signal: analog RGB, DVI
Sync. Signal: separate H/V, composite, SOG
Connector: 15 pin D-SUB, DVI-D
I have ordered xbox360 60gb module...which i believe has new chipset and yeah it is dvd ready. Thanks for clarifying that..u already saved me $10

I have also bought logitech Z -5500 5.1 speakers which has following.
# Source Inputs

igital optical for DVD or CD players, PlayStation2, Xbox
# Digital coaxial for DVD or CD players or PC sound cards
# 6 channel direct (3 stereo-mini connectors) for 2, 4, or 6 channel PC sound cards OR 6 channel direct (3 stereo-mini connectors) for 3 stereo analog mini audio sources, like CD and DVD players, Playstation 2, Xbox, or 2 channel PC sound cards (some devices may require stereo mini to dual RCA adapter, sold separately)
# Analog stereo-mini (on side panel of control center) for portable CD, MP3,or MiniDisc players
I am trying to hook up everything together so that i can play/watch movies on my LCD monitor through my xbox..
Also, Xbox 360 System does come with 60GB hard drive, Wireless controller, HDTV-ready component AV cable, Xbox 360 Headset and Ethernet cable...I am wondering is will HDTV-ready component cable that comes with xbox will be enough to connect xbox with lcd monitor and speakers at the same time and will be able to give HD picture...Is there any other cable that i need to buy like Xbox Advanced AV Pack or Xbox High Definition AV Pack ??
i hope this clears up everything...
Thanks...