European TV's have an RGB input (in a SCART plug) on them, so for us it's easy. I even do it the other way round, a game console in a Jamma cabinet. There are some subtle differences though, you need a small resistor or diode on one of the signal lines when connecting a game to a normal Euro TV.
I don't know why American TV's dont come standard with an RGB input, but there are RGB to Composite video converters. And as for sound, well, the board already has an amplifier onboard, so you can simply use the cabinet's speaker.