Well, I'm thoroughly surprised that the Intel community wasn't willing to help me out. I have 30 views and not one person has made even a single suggestion. I'm posting this for the benefit of others having a similar problem.
DisplayPorts have been around for several years and this chipset would have been one of the earlier implementations. Certain improvements have been made since then and they have gone from version 1.0 all the way up to 1.3. If you want to read more see: DisplayPort - Wikipedia, the free encyclopedia
As I understand it, if I had a more modern implementation of the DisplayPort on board, everything I have would work perfectly. The problem stems from the fact that I have a Passive DisplayPort-to-HDMI adapter with an older onboard DisplayPort. What I needed to include audio and video was an Active DisplayPort-to-HDMI adapter.
Active DisplayPort adapters apparently includes hardware that performs conversions on certain signal types and are still necessary for some graphics cards when you wish to have more than 2 monitors (among other situations). When in doubt, grab an Active DisplayPort adapter (preferably one that doesn't require additional power sources or USB)
I can confirm that this chipsets do support Audio through display port. As previous user on the community reported, active adapters can do the trick in your case.
Here you have the chipset datasheer. Check page 33: