Nevermind, I found exactly what I was looking for. I posted on rpg.net and someone responded with this program:
RPG Sound Mixerhttp://www.rpgsoundmixer.com/
This utility is designed specifically for the purpose of creating and playing sound and sound scapes during live role playing sessions. I've tried the demo and its utility for PnP role players, or even small time stage productions is astounding.
The demo download basically a demo version where you can't load or save sounds, but you can use a special demonstration mode that walks you through what the program can do. If you're at all slightly interested, try it out.
The interface is outdated and a little confusing, but like most software of this sort, it's a one man job. There is a new version in the works that looks like it will improve the interface, but it'll take time. He at least has a proposed feature list.
It does cost money, 16,50 euros, or about $19 USD depending on the exchange rate.
Anyway, if you're looking for more immersion for your RPG sessions, or need a quick way to produce sound scapes for theater productions, check this out.