How to connect my TV to speakers?

First time poster… Really need some help.

So i just bought a Samsung LCD 32" TV (LN32D403e4d i think), which only has an optical output. All other ports are inputs. The internal speakers stink, so I wanted to connect them to some external 5.1 speakers. I think these would work:
http://www.amazon.com/...003VAK1FA/

I'm a college kid, so i want to do this as cheaply as possible. I don't want to have to buy an A/V receiver or home theater system because that is out of my price range. Also, i'd like for the speakers to work for my computer and iPhone too.

My theory is to get the TV to convert its digital to analog using this converter:
http://www.amazon.com/...005K2TXMO/

Then, using an RCA male to 3.5 mm female converter (see link), I could plug the 3.5 mm male cord from the speakers into it:
http://www.amazon.com/...0002GUBIS/

This way, when I want to listen to my phone or computer, I can just unplug the 3.5 mm cable and plug it into said device.

Please let me know if you think this will work? It'll cost me about $100, which is far better than buying a complete home theater system. Please Please Please I need some help!

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