RaySpace is a completely new acoustic room simulator. This unique reverb 
  creates up to five channels of surround-sound reverb, all calculated in 
  real-time. The characteristics of the room shape, height, positions and 
  materials can all be adjusted while you listen, making RaySpace a very 
  inspirational and spontaneous tool. All reflections are modelled, not 
  just early reflections, and are calculated with speed-of-sound accuracy. 
  The 3D view and the parametric equaliser complete the audio and visual 
  feedback of room designs! With full automation, source and listener 
  positions can be 'walked' though the rooms, ideal for patching dialogue 
  in radio plays or films. All impulse responses can be exported in high 
  resolution for use in convolution reverbs. From concert halls to 
  bathrooms, cathedrals to sewers, you can go anywhere you desire!

  How does it work?
  DBT (Diffuse Bubble Tracing) is a highly efficient algorithm that 
  analyses the entire room in a fraction of a second. It traces 'bubbles' 
  at the speed of sound, bouncing off the walls until they hit the 
  listener. The angle they hit determines the pan and surround position 
  they play from. With hundreds of these sound bubbles the listener is 
  immersed in an incredibly rich environment.

  Shall we play?
  With the ability to draw any shape room you like, there are millions of 
  different reverbs to be made! Have the sound playing as you draw, and 
  listen to the room taking shape. Change the wall absorbency and 
  scattering to simulate different materials from highly dampened and 
  rough, to very bright and shiny. Use the 3D view to spin and pan around 
  your room, adjusting the height as you go. The four band parametric EQ 
  can alter the returned sound immensely, creating just the right tone 
  for your track. All good fun, with a serious result, with a great sound 
  and a decent price.
  Check out the demos!!!