I just installed and have been playing with headphones. It sounds like the left and right channels are reversed. As I move my character away from a sound source, the sound fades as I get further away, but plays on the wrong side. i.e. if I'm moving to the right, with the sound source on the left, I only hear sound out of the right channel, which makes it sound like the sound is further to the right of my character. It's not game breaking, but it's weird. Does anyone know if there is there any way to swap the channels?

This is a bug of the Sound Blaster Pro. Here are some possible fixes:

1)
Open the file "dosbox_albion.conf" with an editor and add the line "swapstereo=true" to the "[mixer]" category. (It should be under "prebuffer=80".)
I'm not sure if the included DOSBox version supports this feature, though.

2)
Go here "http://www.vogons.org/viewtopic.php?t=16974" and click "FULLY UPDATED ULTRASND FOLDER" to download Gravis Ultrasound drivers.
Unpack the folder "ULTRASNDPPL161" to the Albion folder and remane it to "ULTRASND".
Open the file "dosbox_albion.conf" with an editor and change "gus=false" to "gus=true".
Open "Launch Settings" from the Albion folder and change the digital audio driver to Gravis Ultrasound. You can also change the midi sound to Gravis Ultrasound, which is preferred by most people.

3)
There also is a fan made Windows port of the game which not only doesn't have the stereo sound problem, but also contains additional bug fixes and 4x the original resolution in 3D areas.
https://drive.google.com/file/d/0ByS3DU4n3Ke0Z0IydlpKdk11aFE/view?pli=1
Install instructions (even for the GOG version) are in the included readme file.

You can also get Gravis Ultrasound midi in that version, with this soundfont:
http://sourceforge.net/projects/dooms-19-winx64/files/EAWPATs/eawpats12_full.tar.gz/download
Put the "eawpats" folder from it into the Albion folder.
Inside the folder is a winconfig folder which contains the file "timidity.cfg". Copy it into the Albion folder.
Open the copy of the file and change the line "dir c:\eawpats" to "dir .\eawpats".

DOSBox version 0.74

Swapstereo is a mod, that was added to some unofficial builds. Apparently it's not in the official version yet.

:(

Your audio drivers often let you swap L+R as well.

Thanks, M-u-ddy (and Gydion), for the advice. I'll try a couple of these fixes. I doubt I would have figured them out on my own.

Vielen lieben Dank!

- you have to use "Creative Labs Sound Blaster 16 or AWE32" for digital audio