I'd like to be able to algorithmically create sounds (like monster growls, or distant thunder.) This isn't as widely covered on the net like more traditional procedural content (terrains, etc.) Any one have any algorithms on how to create these kinds of sounds?
This, in general, is a very hard problem. Just like drawing, each sound is its own thing, and needs its own algorithms, and, like drawing, some are more easily done by algorithm than others. There's no general algorithm for creating sound any more than there's a general algorithm for drawing all things like faces, insects, and mountains. Each is it's own project (and often quite a big one), unless you're just looking to draw circles or generate sine waves.
Most of the case studies I know of are the many attempts to generate musical instrument sounds, and generally each of these attempts is a PhD thesis.
For a time-efficient solution, sampling is the way to go.
Or, if you really need a procedural approach, you could ask the question for one specific type of sound, and people might be able to come up with an algorithm for it. For example, I'd be interested in taking a shot at a "distant thunder" algorithm, but don't want to bother if having just thunder but no monsters, etc, is not useful to you.
I would suggest checking out the many software projects and papers of Perry Cook who has done some great work in the realm of physical modelling (though his website is a bit of a nightmare to navigate). Though as tom10 says, it's a very hard area. If you have the stomach for a bit of signal processing then it's a very fascinating area to get into.