Almost an off topic, quoting a DSP book:

The primary advantage of having two ears is the ability to identify the
direction of the sound. Human listeners can detect the difference between
two sound sources that are placed as little as three degrees apart, about the
width of a person at 10 meters. This directional information is obtained in
two separate ways. First, frequencies above about 1 kHz are strongly
shadowed by the head. In other words, the ear nearest the sound receives
a stronger signal than the ear on the opposite side of the head. The second
clue to directionality is that the ear on the far side of the head hears the
sound slightly later than the near ear, due to its greater distance from the
source. Based on a typical head size (about 22 cm) and the speed of sound
(about 340 meters per second), an angular discrimination of three degrees
requires a timing precision of about 30 microseconds. Since this timing
requires the volley principle, this clue to directionality is predominately
used for sounds less than about 1 kHz.
Both these sources of directional information are greatly aided by the ability to turn the head and observe the change in the signals. An interesting sensation occurs when a listener is presented with exactly the same sounds to both ears, such as listening to monaural sound through headphones. The brain concludes that the sound is coming from the center of the listener's head!
While human hearing can determine the direction a sound is from, it does
poorly in identifying the distance to the sound source. This is because there
are few clues available in a sound wave that can provide this information.
Human hearing weakly perceives that high frequency sounds are nearby, while
low frequency sounds are distant. This is because sound waves dissipate their
higher frequencies as they propagate long distances. Echo content is another
weak clue to distance, providing a perception of the room size. For example, sounds in a large auditorium will contain echoes at about 100 millisecond intervals, while 10 milliseconds is typical for a small office. Some species have solved this ranging problem by using active sonar. For example, bats and dolphins produce clicks and squeaks that reflect from nearby objects. By measuring the interval between transmission and echo, these animals can locate objects with about 1 cm resolution. Experiments have shown that some humans, particularly the blind, can also use active echo localization to a small extent.

Hope that helps babar, if you need more info mail me.
Btw, don't count on phase because hearing is based on the
amplitude of the frequencies, and is very insensitive to their phase.