Yes, it will, but the TV (I assume you'll use it on an LCD/Plasma TV), must accept other audio input then the HDMI source since 8800GTX doesn't have the option to pass through SPDIF audio like the newer G92b/G200b cards.
So you'll need to get sound by an alternative method like dedicated speakers connected to the PC, or a separate audio cable (analog or digital) and you'll select different sources for the picture and the sound for your TV.
Be sure to have the newest drivers installed, they should help with over/under-scan problems.