some virtual surround sound post processing such as dolby pro logic II (and similar, as there are multiple types of this processing) can "fake" a stereo signal (2.0) into surround sound (5.1).
however, this faked signal is not going to be as accurate as it would be to use a straight 5.1 signal from the source. while it doesnt sound bad if you have no option of using a 5.1 input source you could do better if you did.
another method, this one pertaining to gaming, soundcards and computers. some soundcards have modes for virtual surround sound on headphones and speakers which uses the positional data in games to provide a bit more realistic virtual surround sound than straight up plII would give though only when talking about gaming in...