What is the best way to configure my home theater system?

I would like to hook up both my x-box 360 (which is my DVD player) and my satellite box. My home theater receiver has one digital audio optical interface port. I have this plugged into the x-box. Now, however, my satellite box only has either red and white cables or the digital audio optical connection.
What should I do? I have a 46″ sony bravada HD TV that has digital audio out in optical as well. Is there a way to use that to resolve this issue? Can you get a splitter cable for the digital audio optical stuff? Do I need to buy a new receiver with more ports?
The bravada has an optical out, but no optical in… and even if it did, the home theater has only one optical in, and I’d still be only able to get the xbox in one or the other… if that makes sense.
I was hoping to not have to buy a different adapter for my xbox if it is not necessary.
My sat receiver has only Digital optical out, it does not have HDMI available [I do not have an HD satellite yet, we won't for another year... but I bought the TV anyway because I wanted a bigger TV.]
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