I'm in the middle of update the Winamp OpenAL plugin so that it'll split out stereo+ sources down into Mono sources that OpenAL can then use to position them and apply effects to.
This means you'll be able to do strange things like put a speaker 5 meters away and the another right next to you and pretend that you're in an aircraft hanger. Quite why you'd want to listen to your music like that is beyond me. However, instead of a hanger you could use concert halls and such if you wanted to add that live feeling. Obviously this is old-hat technology thats been part of EAX for a while but still it's nice to have the option!
The new code supports the old non-split again and that plays fine so it should be a case of splitting up the audio and then adding effects to each channel!
So it can split stereo down into two mono stream and change the listeners position (i.e. panning).
I've added a GUI for changing the values of the sources too if you want to move where the speakers are but that isn't working quite correctly - for now. Will look @ correcting it tomorrow.