well actually it depends on the sound card. On my (onboard) sound card, it came with a program that lets me choose what i want to install. For a 5.1 sound system, there are 5 channels, 1 slot for the sub and center channel , 1 for the front speakers and 1 for the rear speakers. The reason is with the ouput jacks, each one supports 2 channels. so 3x2 equals 6 channels which is how many a 5.1 sound system has.
Now the blue one labeled in can be used for multiple things, but i'm guessing you could try a 4 piece speaker system or something like that with it.