3DGameStudio uses DirectSound 8.1 for audio processing, so no matter what sound card you have and no matter if you have a 2, 4, 5.1, 6.1, or 7.1 surround sound speaker system, DirectSound will do the audio processing through the sound card, then you will hear it directly through the speakers.
About the filtering...if you mean a cutoff frequency and resonance like for example:
DirectSound doesn't have that capability in DirectX. But if you mean the doppler effect, then yes. 3D GameStudio supports it.
About the effects...although DirectSound does have effects like WaveReverb, Gargle, ParamEQ, Flanger, etc., 3DGS doesn't have it in C-Script. You will have to have a working knowledge of C++ and DirectX 8.1, and program your own DLL that can allow C-Script to call out the effects from C-Script. But for me, I'm not a very good C++ programmer; it's hard for me
And, the number of sounds you can play are dependent in what CPU you have and how many voices a sound card can play in DirectSound mode.