In short no, at least as far as using the onboard Realtek® ALC892 directly. You'd need either software to decode the signal or as mentioned pass-trough via the Optical S/PDIF to a receiver; the software or receiver must support Dolby decoding.
Info on Realtek® ALC892 - http://www.realtek.com.tw/products/productsView.aspx?Langid=1&PFid=28&Level=5&Conn=4&ProdID=284
Optional Dolby PCEE program, SRS TruSurround HD, SRS Premium Sound, Fortemedia SAM, Creative Host Audio, Synopsys Sonic Focus, DTS Surround Sensation | UltraPC, and DTS Connect licenses
ASUS P8Z77-V PRO - http://www.asus.com/Motherboards/Intel_Socket_1155/P8Z77V_PRO/#specifications
- Absolute Pitch 192kHz/ 24-bit True BD Lossless Sound
- DTS Ultra PC II
- DTS Connect
[Best solution is either pass-through via the Optical S/PDIF or a discrete sound card] The oboard sound, same for most every MOBO*, is not good anyway and if 'sound quality' is at all important then look for a decent sound card; example $80 ASUS Xonar DX with 7.1 (hardware Dolby decoding) - http://www.newegg.com/Product/Product.aspx?Item=N82E16829132006
More info ASUS Xonar DX - http://www.asus.com/Multimedia/Audio_Cards/Xonar_DX/* There are a few MOBO's with half-way decent onboard sound cards built-in, IMO they're barely acceptable; example ASUS Formula series (Maximus V Formula) - http://www.asus.com/Motherboards/Intel_Socket_1155/Maximus_V_Formula/ but still no Dolby.