You're going to need an extension RCA audio cable. While the whole cable is quite long, the part where the cable splits into its five individual cables is not, only about six inches. So if you plug the component cables into your TV, the audio cables won't be able to reach your stereo receiver. Luckily, my LCD TV has RCA audio ins and outs, so I was able to connect nintendo's cable to my TV, and then use a sererate RCA cable from my TV to stereo receiver.
I'm using the official Nintendo cables, maybe someone who bought 3rd party cables can comment if they don't have this issue.