I suspect you would need to create a separate file for each element you want to link to. I doubt that Word hyperlinks support opening sound files at a particular location.

With Word HYPERLINK fields, the following field switches can be used:
\l Specifies a location in the file, such as a bookmark, to which the hyperlink will jump.
\m Appends coordinates to a hyperlink for a server-side image map (server-side image map: A graphic containing sensitive regions, or "hot spots," that a user can click to follow a hyperlink. A server-side image map requires a script on a Web server that identifies the sensitive regions and their corresponding hyperlinks).
\n Causes the destination site to open in a new window.
\o Specifies the ScreenTip text for the hyperlink.
\t Specifies the target that the link should be redirected into. Use this switch to link from a frames page to a page that you want to appear outside of the frames page.
\s Represents the "arblocation" XML parameter used internally by Word to track locations that have no bookmark targets in the document concerned, such as when using Word's 'Hyperlink Here' feature. The \s switch is followed by six comma-delimited parameters, of which the first three might be relevant for you-
1. This parameter's value (1) represents the document body, 2 a header or footer, 3 a footnote, 6 an endnote, and 7 a comment.
2. This parameter's value (12204) represents the offset to the first referenced character (byte) in the element specified by the first parameter.
3. This parameter's value (12210) represents the offset to the last referenced character (byte) in the element specified by the first parameter.
The resulting hyperlink field for a target sound file might look like:
{HYPERLINK file:///C:\\Users\\Username\\sounds.mp3 \s "1,12204,12210,,,"}
Of course, using those offset values would require you knowing which bytes (not just the position in terms of time) represent the sounds you're interested in.

__________________
Cheers,
Paul Edstein
[Fmr MS MVP - Word]