I believe the movie was produced in the 80's or early 90's. I saw it on a VHS tape that came out of a bargin bin somewhere, so it was probably a pretty bad movie. I don't know if there was a theatrical release. It's about some young men, who I believe were college students, who discover a sound that freezes a person and induces hallucinations. It is once referred to as audio "dope". They then proceed to go on some adventure with it, while being pursued by someone, for a reason I don't remember. During one scene they are on a cruise ship and play their sound over the intercom, causing everyone on the ship to start hallucinating.
Your instincts may have been right. Citizen Kane this ain't. ;)