how does it all work ?

IMAX uses Bose speakers.

As for tools, IMAX uses highly dynamic and efficient active horn speaker systems, with lots of active powered sub-woofers for each channel, if I'm not mistaken. Projection is dual super bright (note: LIGHT CANNONS!)laser light 4K projection, bright enough to fill massive 100 foot type screens and such. All is constantly calibrated from central IMAX hubs, that can digitally adjust or arrange for replaced drives, whatever, on call. Yes, the youtube attach that Bob Reynolds provided covers the gist of what is in play for IMAX -transparent silver 3D transparent acoustics pj screens, and super wide viewing angles for all audience members, etc.
I believe that, on a much smaller scale, any properly educated and experienced home theater enthusiast - especially now with 4K home projection - is capable of building about as near IMAX experience as anyone would care to in a home, yes! If you could build a issolated sound room in your home, obviously you could get super quiet noise floors, without totally infecting the rest of the home with the theater noise, and keeping home and outside noises out, and so on. If not, you'll still be able to at least throw a large screen 4K image in a medium large sized home space (in relation to small home spaces that is), and use super dynamic/efficient horn or active type loudspeaker system, using separates high current amplifiers, good room EQ processing for all seats, and learn how to place speakers and seating for best sound and picture, in a blacked out dark room. Yes, I think the capabilities and potential is HUGH if you know what you're doing at home with the reasonably affordable, and also SUPERB, AV equipment on the market today, yes!!
I'd always recommend the best large 4K or upscaled 4K image and screen combo you can afford, and then focus on filling in the audio, with the best screening space you can attain! Placing speakers behind screens is best, and building an acoustically transparent dark facade around the room/screen/seating to make it all disappear, hide speaker/treatments/wires and such (see IMAX home theater experience on youtube), for best experience, and you can't go too wrong! Lots of potential to be had out there, and bargains on equipment on the used market. VERY DOABLE, for most anyone who's dedicated and determined, I think, yes

If someone were to do this, would you still recommend using the Bose speakers like IMAX does? For me, that would be a deal breaker. I can't listen to those things.

If the end result is the goal, and you know what that goal is, then the components used is different for different goals. If you want theater shaking lows because of a bomblast on the screen, you don't pick an otherwise excellent speaker (Maggies?) that has a different purpose. Sometimes I listen to Spotify (as I'm doing now) using my 5.1 system ....its different and sometimes even more enjoyable than my big system.

"02-16-15: Stringreen
If the end result is the goal, and you know what that goal is, then the components used is different for different goals. If you want theater shaking lows because of a bomblast on the screen, you don't pick an otherwise excellent speaker (Maggies?) that has a different purpose. Sometimes I listen to Spotify (as I'm doing now) using my 5.1 system ....its different and sometimes even more enjoyable than my big system."

You really sum it up nicely. Build the system to your own personal tastes. Its a simple formula that some people often lose sight of.

Truly, everyone likes and buys different automobiles, too! And, yet, there's no doubting that some are better performing sports cars than others, some more luxurious, and so forth. So if the Indy 500, per say, was your goal, you only have more restricted options to stay competitive for that application!- same would go for formula 1 competition, drag racing, and so on.
Still, there's a right way to do things, and a wrong way. Most people end up doing it a hodgepodge of compromised, mismatched, and questionably chosen pieces and options, and simply just put something in there, in the end, and call it GOOD ENOUGH!(?) I think most here would agree, and if you sampled their system, you'd be a bit less than enamored.
Heck, if I walked into someone's home, and got the same kind of IMAX 4K, super immersive and dynamic presentation, I'd DEFINITELY be impressed!
That said, tell me how your Thiels or Maggies played next to a 55" hd tv would give me that same visceral awe inspiring cinematic presentation, and I'd consider them for my IMAX attempt in my system?!!! I think the choices of stuff starts narrowing significantly

Oh, and, BTW, the custom hand made Bose active horn directional array of IMAX specific speakers are nothing like the Bose you see at the Best Buy, FTR!!
..never walked out of an IMAX (REAL) screening and heard people whispering "the sound and picture is just awful in this dump!" ..never happens, strangely enough. Just sayin