Thank you for using our answers forum. I'm sorry to hear you are having trouble setting up your Slingbox 500. The Component cables should go from the component OUT on you set top box, to the IN (bottom row) on the Slingbox. The same goes for the red and white for audio. They should be connected to the audio OUT on your set top box, to the IN (bottom row) on the Slingbox. This will give you both audio and video when connecting to the Slingbox. However, if you would like to be able to stream from your TV, you will need an additional set of Component and audio cables. These will connect from the Component and audio OUT on your Slingbox (top row), to the IN on your TV. This will give you video on the TV as well. Below is a link to the Slingbox 500 Quick Start Guide. This shows you how everything should be setup.
Hope this helps!
The Sling Moderation Team