Yes you can. And if you can't afford to upgrade the receiver right now, using the coax is one of the choices. But you won't be able to enjoy the full benefits of the new audio codecs that way.
Another choice, as said, is using the analogs. I'm sorry to have used the confusing term "pre-proc" in connection with that. (Technically they're situated just before the pre-processor in one view, but it could also be argued that they're behind it.
) This way you will be able to fully use the new codecs, because the player will decode the streams and send the result to the analogs.
Just buy a BD player having analogs out and you may decide to upgrade your receiver much later. Trust me: it's precisely what I do as well.
The 5.1 analog inputs will almost certainly use RCA cables. If you have some red/white RCA cables lying about, they should work fine. For 5.1, you'll need to connect 6 RCA outputs on the player to the 6 RCA inputs on the receiver.
I'd recommend taking a look at the new Panasonic BD80, which I'm pretty sure has analog outputs. It's a little more complicated setting up the player to use the analog outputs, but you will get better sound that way (with the player decoding the new codecs).
I know that AVS Forum has a thread on the BD60/BD80 (the BD60 is similar, but doesn't have 5.1/7.1 analog outs) . If you're interested in the BD80, that would be an excellent place to find out all about the player and how to set it up.
Maybe consider getting a wireless bridge for your player (or converting a wireless print server unit to do the same job), assuming you already have a wireless router set up. That's what some folks are doing. But if you don't care about BD-Live and such things and only need the internet access for firmware updates, then you can probably just temporarily move the player whenever you need an update.
Many others of us just use the PS3's built-in WiFi support for that.
Well, where's your cable modem located? Does it have an extra network port for a player? I assume you already have your computer connected to it (unless you're using a router in between like I mentioned or simply do not use it for your computer?).
I appreciate everyone's help. I love the new player. I haven't used Viera cast yet but the picture and audio quality of my SD movies is better than my Oppo. I can't wait to see a BD release. I'm getting The Dark Knight from Netflix.
The Dark Knight is actually somewhat spotty in terms of PQ due to some overprocessing of the non-IMAX scenes. If you're never bothered by EE (or the harder, edgy look), then you'll probably love the TDK PQ -- certainly, the IMAX scenes do have great PQ (and you may or may not notice any of the EE in the non-IMAX scenes).