you cannot convert a stereo to a real original 5.1, but you can emulate a 5.1 using Adobe Audition tools and Surcode plugin or sonic foundry soft encode. and save them to ac3 5.1 format.
There should've been an update to iMovie HD that allows 5.1 surround sound. But, that's only if youre using raw footage. Not sure how to make use of wmv format in it though. I rarely use iMovie for video editing.
I still prefer Ulead Video Studio which is much more flexible and way better with multiple formats.
This also might help. It's something about Quicktime Pro and 5.1 codecs for it: