I have some MP4 movies that have AAC 2 channel and some with 5.1. I would like to convert the audio to AC3 5.1 or DTS. Is this possible?
Yes, but pointless really as there will be no quality gain at all. There are various free utilities ( all reverse engineered hacks, so unreliable) to take 5.1 Dolby Digital to WAV files, and you would then need to sample rate convert the resulting 48KHz files to 44.1 for DTS-CD, or else leave them alone for straight .dts or .cpt (SurCode DTS-DVD will do both and is widely available). For DVD-Video, you would need to re-author, bearing in mind that no DVD can have just a DTS stream (out of spec) and although you can make such a disc, correct playback cannot be guaranteed as DTS is an optional form on DVD-Video. It might be easier to help you if I new exactly what you want to do...