PS3 Hookup to LCD Monitors

A friend of mine is getting a PS3 pretty soon. His problem, however, is that he has an older tube television which will be crappy to play his console with (at best 480 output). Until he decides to buy a new television, he asked if he can just hook it up to his 20" Dell LCD Monitors that accepts DVI input.

I did some research and believe this can be done. Here is what I proposed:

For the VIDEO Portion
1. Make sure your Dell Monitor is HDCP complaint (most late models are)
2. Buy an HDMI to DVI cable (this provides the video portion of the feed). Connect HDMI end to back of PS3 and DVI end to back of monitor. You'll have to play with PS3 output setting to figure out if it does 1080i or 1080p or whatever
Note: From my understanding, HDMI and DVI are similar in standard, HDMI offers the audio channel otherwise.
For the AUDIO Portion
3. Use the PS3 proprietary cables that come with the system w/ the Yellow-White-Red output and connect to back of PS3 where it belongs
4. Go to Radioshack and buy a cheap RCA to 1/8 Mini Stereo (must have 2 black rings for stereo) adaptor. Like this one.
5. Just plug the Red and White (audio feed) end of the PS3 proprietary RCA cable into the adaptor and plug this adaptor into any computer speakers and you should be set.