Yes, you can get surround sound with a HTiB. Problems with HTIBs are ability to upgrade, audio quality, and connections.
I won't bother with the first two, you can read about them in prior posts. But since you asked about surround, make sure that the HTiB and TV you choose has ARC, or the HTiB optical or digital coax inputs. You'll need that to get audio from the TV back to the HTiB. Otherwise, you'll only get surround when playing DVDs/BRs.