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[Som1Lse]

So this data\SNDDATA_2377.wav is actually taking up 21 characters right?

Correct.

Also a wild thought, can these "limitations" be simply changed and stuff via exe editing? Like 400 sounds be changed to 600 or so..

Simply? No.
Very complexly? Yes.
The way it is layed out in memory is 8000 bytes of sound information and then 4 bytes for a pointer, and then a ton of more memory for other stuff after that.
If you were to change the size of the sound name buffer to support 600 files you would have to make every assembly instruction that uses any of the memory after the sound name buffer access a different offset (because it has changed), missing just a single instruction would cause weird things to happen, and can be very hard to debug.
Also finding every instruction is not an easy task as it would essentially involve solving the halting problem.

Of course if you had the original source code it would be as simply as changing a number from 400 to 600.