Dreams are usually visual in nature, but the other senses do play a
role in dreams! We can experience all five senses in dreams, and maybe
even some we don't even realize we have.
Sight in dreams is the realm of intellect.
Hearing usually deals with the emotions. A shout from afar for
instance or the loud clanging of a bell represent fear, or something you
should be afraid of, anyway. Words heard in dreams usually impinge
directly on our emotions.
Smell has to do with our intuition and instincts. If you smell
something funny in a dream, it is probably a sign that some part of you
smells a rat in real life! Floral scents are sometimes signs of
spiritual visitations.
Touch represents our basic material instincts in life, the
things we can (or would like to) "get our hands on."
Taste is a much more basic, primal sensation, though, the basic
desire to live and stay alive, and to "taste" all that life has to offer.