Digital Sound isn't additive, so unless it's actually the CPU struggling to deal with the data rate, it shouldn't matter how many are playing at the same time, the worst you should experience is a cheap 'plate echo' effect if multiple copies of the same sound are played at the same time.
Does the game add reverb for 3D Audio? I've seen that cause problems before, my old Audigy used to go haywire during one FPS, I think it was Fear, when you went into a pipe and the game tried to add echo to all the audio. It ended up getting caught in an echo feedback loop, and that could cause the effects described here.