I just bought my first set of component cables, and realized my receiver doesn't have an outlet for them. Then I was told they have to be connected directly to my TV (which does in fact have an outlet for them). Now my question is don't I have to have something either going from the TV or the DVD player into the receiver? If so, what do I hook it up to? Thanks in adavnce!

Yes. Component cables only carry video. You need to run audio from your DVD player to your receiver. Hopefully both have digital audio connections.

Check for inputs on your receiver labeled as "Digital Input - Optical" or "Digital Input - Coaxial".
Check for outputs on your DVD player labeled similarly.

Then buy a Optical (Toslink) cable or a Digital Coax cable.

Some people prefer one over the other, (Search for many threads) but differences are very small. Either one will give you a high quality connection.

I should mention that my prior post assumed your receiver has Dolby Digital and DTS.

Sorry, my first post should have been more clear. What I really wanted to know was, speaking of Video only, is hooking the component cables from the DVD to the TV enough? Meaning do I also have to have a seperate wire for the video also running from the receiver to the TV or DVD player?

Absolutely not.

I also run video straight from my DVD player to my TV. Audio only from the DVD player to my receiver. It is only S-Video though. (My receiver lacks S-Video switching and my TV lacks component inputs)

The only downside is that you have the switch sources on both the TV and receiver to watch a DVD. Switching video with the receiver is just easier.