You need to set up Directwire in this way:

It will route the audio streams from a WMD program like Powerdvd towards ASIO.
Then you need a VST host such as
Console. You should create an Asio project.
The project should look like this:

The 5.1 channels will be processed in this way, from left to right:
- a convolution engine, Voxengo Pristine Space but you can use Convolver as well
- a parametric equalizer (SpinEQ)
- a time delay, to adjust speakers distance (Voxengo Audio Delay)
- a bass manager (Kelly Industries) to boost LFE channel by 10 Db and to route bass frequencies towards the subwoofer.
I doubt you can get a more sophisticated sound elaboration

.
This is another example of final result, amplitude graph is slightly decreasing because I set the target curve in this way:
