It depends on exactly what you want to do. If you create an audio file that has one track on the left channel and one on the right, you could play with the SetVolume control on MediaPlayer to change the balance and select one or the other tracks or both.
If you want to do it in real time it is possible, but not simple. For audio you would need to use
AudioStreamer or
Audiotrack. You would need to create an audio stream in real time and mix two mono PCM streams, one for each channel.
What sources are you planning to use?