It would basically require a full rewrite of the audio code in the game. It would have to tie the audio position to its exact source position in the 3D environment, then convert that into the proper audio signal to the speakers. Definitely possible, but as you said, it's not all that simple.
"How do I get rid of a Trojan Horse?" -Sailor_Kakashi "Leave it outside the gates of Troy overnight." -Davel23