You won't know until you try it. On theory - yes, it should work.
You're "risking" $30, so if it was me - I would go with it.
On the other hand - your BluRay player should have coax or optical SPD/IF audio out. Check it out, and either get SPD/IF-to-RCA converter, or upgrade you stereo. Either way, you will skip HDMI splitter part.
From what I remember, it didn't have anything like that for audio I guess. but I know it has AC in (power) and HDMI out to the display in the back and a usb port looking thing in the front, that's all it is from what I have seen, im not at my house at the moment so I cant look at make sure but im pretty sure it doesn't have any audio type of port.