I posted a question similar to this a while ago and i didn't get any response. I was looking for a way to create a room with some objects that emit sound and when you move around the room, the sound gets further away or closer depending on where you are.
Since then I've found that lightwave has pretty awful audio support, i dunno if lightwave 8 will help this, I haven't heard anything about it if it does.
The only audio option i've found in lightwave is in the scene editor in Layout (ctrl+F1), you may have already found this. It lets you load in some audio and it appears on the timeline, you *might* be able to do some synching this way, but its pretty jerky to use. For synching up audio i use magpie pro, it allows you to load in an audio file and it breaks everything down into frames that should sync exactly with your anim if the frame rate is set the same in both progs.
Good Luck,
and if you hear of any progs that can do what i'm looking for, please let me know