You can use pre-processed sound if the situation allows it. If you want to do this in real time, look at the DSP. They cannot do this from the box that I know of.
Additional desktop APIs, such as EFX and EAX, use hardware-based signal processing. Perhaps in the future these handheld devices will implement the full OpenAL and OpenGL APIs, but at the moment we have truncated versions for practical reasons, such as costs and battery life, etc.
I am sure there is a way, but it will not be easy.
Martin
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