Well, somehow I've offended you and I'm truly sorry for that. The great thing is that I can enjoy my 5.0 as much as you can enjoy your 5.1. When I was convinced the LFE was not necessary, it was a real revelation and I guess I get a bit over-bearing about it. Obviously, I don't have the credentials or words to convert anybody else. And that's OK, cuz I don't think the music industry is going to stop making x.1 productions any time soon.
And so peace returned to the land of Quadonia. For future guidance, references to the previous poster's assertions as (paraphrasing slightly) 'making no sense for any music' and having been the result of 'brainwashing' are a little loaded emotionally and tend to elicit cranky responses. Timbre4's terseness was providing a good example, sorry I took so much bandwith going down this semi-relevant rabbit hole. I'll try to address the OP's question a little as penance. At least it's a different rabbit hole.
I'm a mac user who has done some of what you're debating doing, elguapo511- in my case I was mixing multiple-sourced recordings of a live performance down to stereo, but the principle's the same. You need a multi-track DAW (Digital Performer in my case, bought someone's old version on Ebay) to line up your various tracks even if you're mixing to stereo; to get a playable surround mix you have to be able to line them up and then output them into audio files representing the final channel assignments. In my first case I had a stereo camcorder next to me onstage that I mixed with a mono camcorder soundtrack from out front that had the FOH mix but was compressed by the camcorder's crappy auto level control. In the spirit of 'try anything, there are no rules' I ended up panning the mono signal left and put the stereo channels center and right- when I tried putting the mono in the middle, there were phase issues that no amount of nudging earlier or later could resolve, so I went with treating it as a spatial effect between left and right (just don't listen to it in mono).
For a gig at a bigger venue (House of Blues in AC, NJ, to be specific) I had a Zoom H2 recorder on the mixing desk recording 4-channel WAV surround, plus 10 channels from the mixing desk going to separate tracks on Digital Performer. This is kind of your situation, having the audience perspective recording to mix with the direct mixing board tracks. You don't mention what medium your source track are recorded on, but for this to work they better be digital or you'll have a hard time keeping two imported separate sources synced in your DAW for the length of a single song, much less the whole concert. With a total of four tracks of audio, your big challenge will be getting them lined up to avoid bass-and-clarity killing phasing issues; all DAW's I'm aware of let you nudge tracks at single-sample level if necessary, but check with good headphones to really hear when things lock in. It's less critical if you're mixing 4.whatever, but if you wanted to have a stereo version getting this right will make a big difference. Then you can proceed to tart it up with whatever EQ and FX you fancy and mix down to 4 or 5 clearly named audio files to use in the next phase.
So what can your burn this mix on to actually play it? For the 'consumer level' options I'm aware of you need either:
1. a DTS encoder to turn the resulting mix into a DTS CD or DVD OR
2. a Dolby 5.1 encoders to burn a DVD OR
3. an app capable of burning your 4.whatever WAV tracks onto a DVD-audio disc.
4. a multichannel mac audio interface that can output 4 (or more) via analog that you can plug into the 5.1 inputs on a surround amp or receiver.
There's a whole area of this forum devoted to authoring surround formats, but for a quick-and-dirty option (that I haven't actually tried myself, but I will soon....) the one to beat AFAIK is a free Mac program called Burn, which lists four categories of discs it'll burn including DVD-audio. I can't take you step by step, but your WAV files would basically get dragged into the window and get processed into a burnable DVD-audio. Since MLP lossless compression isn't available to mere mortals, there'd be a limit to how high a resolution could be supported on your disc, but the germane factor is that it could be a 4.0, 4.1, or 5.1 disc that would play on a DVD-audio player. If you find out anything specific about how well Burn does this I'd be interested; it might be a topic of discussion in the surround authoring forums here, but I haven't looked.
Good luck.