Yes, sound can be raytraced - in realtime on current GPUs even. Using a ray model for sound waves is called Geometric Acoustics and works reasonably well in most cases, although it has a few shortcomings, mostly when dealing with low frequencies (room modes, diffraction).

The Oculus Audio SDK contains an acoustic ray tracer for that. See https://www.oculus.com/blog/simulating-dynamic-soundscapes-a... for a short writeup on what is acutually in there under the hood.

Disclaimer: I've worked on that ray tracing engine at FRL for a while.