It's essentially a USB sound card; that terminology is what is used by people who have more of a background with computers much more than with traditional audiophile gear, but not in the same sense as, say, an SB Extigy or similar products. The E7 only outputs stereo, so if you just need 2ch audio for a speaker or headphone amp, it works; but if what you need in any way needs more than 2channels, you're out of luck - It doesn't have SPDIF output to an HT receiver or 5ch analog output for active 5.1 speakers.
Just in case your motherboard has built-in soundcard with SPDIF output, you can explore other options. Like an entry level HT receiver and passive 5.0 speakers and a subwoofer, or even an entry-level 5ch-simulated soundbar+sub with SPDIF input.