TV has HDMI in, laptop has VGA out - options?

Instead of dropping the money to build a new HTPC, I was considering using an old laptop I'm not no longer using as my XBMC hardware. Problem is, my TV only has inputs for component and HDMI, and my laptop only outputs VGA. Does anyone have any ideas on how I can get around this? Would a device like this one be suitable for home theatre, or does this sort of approach tailor more towards business presentation-type uses?

Thanks for any advice.

So this will push the video decoding to the Cpu. Just don't have high hopes and you'll be fine. Don't under estimate the power a gpu brings to the table!!

Stick with 480p content and you'll (probably) be fine.

Well, part of the reason I'm looking for a new option is that I currently use an Apple TV 2, but it cannot handle alot of the higher quality videos I have. My laptop isn't too old and has a dedicated video card, so it should be able to handle the videos. I just wasn't sure if these devices can manage to display high quality, high resolution video with decent sound. Or, if not, if there are other options available.

Do you have a docking-station / port replicator with DVI or display port? If yes - you can use a adapter for DVI to HDMI. There are also vga to hdmi converter out there, but they are not cheep.
http://sewelldirect.com/articles/vga-to-hdmi.aspx

Using adapter for dvi to hdmi is the only option i see too.
buy laptops

here is what you need. i just bought one

http://www.google.com/products/catalog?h...EgQ8wIwBA#

Everyone's concentrating on the expensive HDMI, when you can get a VGA to composite cable for less than $4!

Composite and VGA use the same signals, so there's no messing around with upscalers or converters.