Want to use a LCD monitor as a tv. Need technical help!?

I'm looking to use a lcd computer monitor as a t.v. I want to hook up my Xbox 360, as well as my Rogers cable box. The Xbox 360 has component output. The Rogers cable box has coax, component, s-video output, as well as an IR port. My question is what is how should I go about connecting these two devices to a LCD computer monitor. (I have still not purchased the Monitor so any comments on minimum requirments for the monitor itself could be helpful). Obviously I need to somehow convert the outputed signals from each device, to hdmi. But also, I'm looking to hook up a two different signals to the monitor, which only has one input. Do I need to first hook up to another device so that I can swith back and forth between signals. (i.e Video1, Video2,AUX, tv/video etc. on traditional t.v's). And finally I plan to use a stereo for sound, whats best way to include this into the mix, so that functional on both Xbox and cable signal. Hope theres a way to do this, and appreciate any help you can give me!