I presume resetting the sound engine would basically reset the sound variables and clear all sound events -- so stopping any currently playing sounds would presumably be one of the things that happens.
It might also reload all of the sounds from the system, but that would take a while.
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It wouldn't be a fix for the sound bug, but it would be a nice workaround.
It might also reload all of the sounds from the system, but that would take a while.