The Quantum is purely an I/O interface to your computer and whatever software you use. How the I/O is used is up to the software. If your DAW is capable of surround mixing to available I/O, then yes.
As far surround playback of an "encoded" file, no. The Quantum does not decode a surround sound encoded file.
You would still need a surround sound receiver that does that.
You can look in to PowerDVD. It can decode the surround sound encoded file and map to the available outputs of a connected device.