Crysalis and EricB told me this.
If you have fairly new (2 years old) SoundBlaster live card they have a feature called CMS3D or something that is very good at replecating 3D surround sound through stereo headphones. I have some extremely good Audio Technica ATH-D40Fs Headphones, they are superb, and i play games all the time and its fantastic, i can easily tell were people are, its not like 5.1, more like 15.1.
If you have a good soundcard i would invest in good quality stereo headphones. But if you cant be bothered then Razer's headphones are good.