DirectSound
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DirectSound is a library of objects for recording and playing sounds with very low latency, and for allowing your game a high level of control over the sound pipeline. It also includes a system for 3D sounds (playing the sound in such a way that it seems to come from a specific direction) and a system for applying effects to sounds (like 'echo' and 'gargle').
DirectSound is part of the DirectX library.
External links
Microsoft's DirectSound documentation (http://msdn.microsoft.com/archive/en-us/directx9_c/directx/htm/directsound.asp)