@Chris Hi Chris, combining multiple channels to stereo L+R or Mono is relatively easy. It's called "Downmixing. This is very common; radio, tv, dvd, etc. They key issue with downmixing are phase cancellations or timbral shifts due to constructive/destructive phase. If the source is recorded in surround using a coincident-array mic, e.g. Soundfield then phase will rarely be an issue when downmixed.
All multiple mic recordings have these problems when mixed to stereo/mono, and it could be argued that any multiple mic recording could be used to create a "surround-mix" {how well it achieves the recreation of a particular space is explored here, "Informal Comparison of Surround Techniques"
I think the more crucial question is the other way round. How on earth can a "near discrete" surround format be created from a discrete stereo source? The answer lies in the complex algorithm in the DTS upmix plugin and can be pointed to by considering the 3D sound-field possibilities with Binaural recording
Consider this, two slightly modified omni mics, i.e. baffled near-concident, can capture all the data from a recording space that would give all the time-domain, frequency-domain and amplitude cues required to create "3-D" surround, i.e. X-Y-Z planes. The weak link in the chain is the reproduction process, not the recording.
Hope this helps.
James.