Just tested it out with 7-16-2006 CVS.

Used SB drivers included with 3.11
Installed S3 drivers @640x480 @ 256 colors.

Installed Immersion Studies and clicked on the "Enhanced Audio" icon.

Game plays, sound doesn't stutter and the sounds seems to be in sync with the video! Only problem I see is possibly vsync but I haven't played this game since it came out in the mid 90's so I'm not sure if the problem is how the video was encoded (probably) or DosBox.