Load at least two prerecorded sounds, and demonstrate as many of these features as you can:

 playing them individually and simultaneously
 stopping before the end of the sound
 looping (preferably glitch-free)
 setting the volume of each sound
 stereo or 3D positional mixing
 performing other actions when marked times in the sound arrive
Describe:

 The supported audio formats, briefly.
 Whether it is suitable for game sound effects (low-latency start, resource efficiency, supports many simultaneous sounds, etc.)
 Whether it is suitable for playing music (long duration ).
[Note: If it seems to be a good idea, this task may be revised to specify a particular timeline rather than just 'demonstrate these features'.]

Where applicable, please categorize examples primarily by the audio facility used (library/API/program/platform) rather than the language if the language is incidental (e.g. "Mac OS X CoreAudio" or "mplayer" rather than "C" or "bash").

InitSound()
; We need this to use Sound functions
UseOGGSoundDecoder()
; Now we can not only load wav sound files, but also ogg encoded ones.
;   With movie library more formats can be played (depends on system) but you cannot
;   handle them with Sound functions
If Not LoadSound(1,"Path/to/Sound/1.ogg") Or Not LoadSound(2,"Path/to/Sound/2.wav")
MessageRequester("Error","One of our sounds could not be loaded"+Chr(10)+"Use Debugger to check which one")
EndIf
 
;- simultaneous playing
PlaySound(1)
PlaySound(2)
 
;- manipulating sounds
Delay(1000)
; pause for one second, to let user hear something
SoundVolume(1,90)
SoundVolume(2,60)
; reduce volume of the sounds a bit
SoundPan(1,-80)
SoundPan(2,100)
; Sound 1 mostly left speaker, sound 2 only right speaker
SoundFrequency(1,30000)
; play sound one faster
Delay(1000)
; pause for one second, to let user hear effects of previous actions
 
;- stopping while playing
StopSound(-1)
; value -1 stops all playing sounds
PlaySound(1,#PB_Sound_Loop)
; continous looping without glitch
 
;suitable for 2D games and music playing.
; TODO: There is a Sound3D library for 3D Games, needs to be decribed here too