Can a PS3's audio be heard through a Theater system using composite cords while connected to the TV with HDMI?

What I would do is just get an audio cable (you can use a red-white RCA if you have to, but if you want surround sound use a digital-optical or digital-coaxial cord) from your TV to the home theater receiver when you get it. Then you don't have to mess with the HDMI connections.