I want to input HDMI from an xbox360 to the receiver then output hdmi to my TV and output composite to my capture card on my laptop at the same time. Is it possible to have two outputs at the same time or will one cancel the other out?

I will look into this first, but I am almost 100% sure that it cannot down-convert the HDMI signal to composite. If I find out differently, I will edit my post.

EDIT: Confirmed on page 10 of the owner's manual: "This receiver is not loaded with a video converter. When you use component video cables or HDMI cables for connecting to the input device, the same cables should be used for connecting to the TV."