Yes, for sure, depending on your Magix program version. I think it's only available in the 'PLUS' versions of Movie Edit Pro or maybe otherwise needing a small fee activation for encoding. The more expensive Video Pro X has 5.1 as well. Check in the Master Mixer [M] key shortcut, for a '5.1 surround' button towards the top left, and use 'Help' to search for 'surround' and 5.1 surround editor. You of course have to have your sound card set for 5.1 as well!
Within the surround editor you can locate any audio track where you want in the speaker field and even animate the location (called 'Automation') to give pans ands sweeps over time. For export you will probably have to go to the 'Avanced' section to make sure AC3 audio etc is selected. I'd suggest trying the free trial download version of MEP17+ to see if it meets your needs.