Can I get 5.1 discrete audio channels from my WD TV LIVE HUB?

Am I able to experience surround sound through “WD TV LIVE HUB” if I have a home theatre?

I usually play movies downloaded from the internet. These movies usually have audio encoded in AC3.

I used to play these movies in my PC with 5.1 surround sound.

Will i be able to get the same audio output (5.1 channels) from “WD TV LIVE HUB”? If yes, which all hardware, cables I need to accomplish this?

Yes.  You need to route the sound from the HUB  through a 5.1 capable A/V receiver.  You need either an HDMI cable or a Digital Optical cable for that.  More details in the manual.