I don't believe so.
That motherboard has the Realtek ALC1200 audio chipset which is capable of Dolby Digital passthrough via the optical TOSLINK connection when playing properly encoded media i.e. DVD but it is not capable of upconverting or encoding a stereo source to Dolby Digital 5.1 or DTS.
I believe the only devices capable of upconverting a stereo (video game) source are Dolby Digital Live supported sound cards (M-Audio Revolution, Turtle Beach/Voyetra Montego DDL) and my favorite of all time, the nVidia SoundStorm. And even then I think the software program has to support surround sound properly via Dolby Prologic or Dolby Digital. Doom 3, Half Life 2 and the bigger titles.
This hardware encoding and acceleration would only be supported under Windows XP as well, as Windows Vista has really trashed the hardware acceleration of audio API's.
I have always stayed away from the Creative Labs Live!/Audigy/X-Fi as even to this day most of them do not support proper Dolby Digital / DTS output without the purchase of an additional Coaxial / Optical TOSLINK breakout box.
I have another motherboard with an Analog Devices AD1988B integrated audio codec and it only supports passthrough as well, not hardware acceleration of encoding / decoding. Your receiver does the actual decoding / encoding.