When spectating a player or entity sound will be played from the location you started spectating.
1. Setup a clock with a noteblock
2. /gamemode 3
3. Right click an entity to spectate
4. teleport the entity away
Related issues
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Confirmed on a Realm using version 1.8.2.
Sound doesn't fade whilst spectating.

Confirmed in 14w46a
Can very slightly confirm, but not total. Not sure if it is correct.