This solution requires custom hardware, unless you can find a five channel sound card and do registry level programming on the card itself. To my knowledge, there is no such card. Also, .wav and most other sound files are strictly two-channel sound outputs. In order to make home theater sound, or multi-channel output, the sound has to be split and modulated for each channel pair.
Acoustic design is no easy task.
For a cheaper and easier solution, I recommend using two pair of computer speakers. I have a set of Altec Lansings at home with a Bass output. Two pair of those, and a bass output should give you some limited ability. Of course, you will have to control the volume for the pairs individually. I believe a bass boost will come with a volumen control also. You will also need a sound card with dual speaker outputs. I have an SB Live! card with such a setup.
Don't expect theater quality sound out of your computer. If you are really looking for the ultimate, plug the output of your sound card into the input of a stereo or home theater amp/controller. That will give you the ultimate.
If this is not the application you need, please elaborate on what you do need, and perhaps someone can offer a suggestion.
If I took this question out of context of the LabVIEW General Category, I would simply tell you to buy a home theater system.
Okay cheers for that, but i may have misled you in the question, i want to take a sound input (in mono) and be able to output the same sound at each speaker but at varying volumes which i can control, hence be able to spatially position a sound. I have known about the registry level programming, but don't know where to start, one way has been demonstrated by DirectSound 3D SDK, but don't know whether its through registries or C++ programming. I'm trying to find a way to utilise a Labview interface to control the sound volume at each speaker independantly using either registries or C++ programming.