Tasty Mousakas has released DH Wrapper, a VST plug-in that processes 5.1 surround sound content and outputs 2 channel binaural signals. The result is surround sound through headphones. "DH" stands for "Dolby Headphones" as this VST plug-in wraps the functionality of the "DOLBYHPH.DLL" file installed with software DVD players.
DH Wrapper is available for Windows and it is free.