Hi Rohan,
The Sound card is in mint condition as it is sparingly used. Regarding the sound effects, if you have a 5.1 Channel DVD, u will get the full Dolby effect with 5.1 speakers. If you are playing MP3, it uses algorithms to stimulate 3 D sound; in this case I found it best to use it in stereo mode only, as right now my speakers are placed in stereo configuration only.
Deepak, I am not sure about this. When I go to the configuration utility for the sound card, I can select 2/2.1, 4/4.1, 5.1 speaker setup, So I believe that this will work with your Creative 4.1 speaker system also. I have Hyundai 5.1 system and it works perfectly with it.
Regarding the price, this is fixed and you will also agree that it is value for money. I should rather ask more considering that the e-bay guys are asking more

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Plz let me know ASAP , as I am leaving for Pune, tomorrow morning, if you are interested, we can work out the way to send it to you. My Mob: 09873665964