Yes, I do that all the time, but I find going to a 3.5mm to RCA splitter first and then to some nice RCA cables works better.
Like those Y type adaptors.
One solid piece.
3.5mm in, two RCAs out.
3.5mm Stereo Headphone Jack to 2 RCA Splitter Adapter - eBay (item 140289725537 end time Mar-17-09 06:20:13 PDT)
Then to some nice RCA cables.
Ok cool beans, I'm going to try one out I think. Gotta see where the money is though (damn being broke).