Searching old reviews of the 2003 DVD, there was an attempt to recreate the directional dialog.
Anyway, in Dolby Digital 2.0 Surround, the dynamics are good, and the stereo spread is reasonably wide for so old a film; there's even some rear-channel sound that makes its way to the back speakers on occasion. One advantage of two-channel sound, incidentally, is that
voices will often move back and forth realistically across the sound stage with the movements of the actors, rather than always being centered as in so many new DD 5.1 releases.
http://moviemet.com/review/house-wax-dvd-review
The audio here is presented in 2.0 surround, which replicates the special Warner Sonic 3-D soundtrack used in theatrical presentations. I found this to be a decent effort, but some kind of restoration work was in order. A lot of hiss and unwanted noise can be heard in this track, which never overpowers the audio, but can become an annoyance. Aside from that, no real problems surface and this soundtrack has more life than expected. The front channels are well used to
enhance the dialogue and more basic elements, while the surrounds kick in at times to add to the eerie atmosphere
http://blurayauthority.com/standard-dvd/house-of-wax/
An English language Dolby Surround track provides
some separation in the dialogue.
http://www.digitallyobsessed.com/displaylegacy.php?ID=5050