Assigning an application to different sound outputs

Question: Is there a way to assign an application to use a sound output options in the mixer or another Win7 application?

I have installed Win7 RC 32bit.  I have headphones and speaker outputs on my system.  Both are detected and both can be assigned to a working default sound choice.  I am unable to assign an applications sound output to a certain outputs or change them.

The only way I can make a sound application work through the speakers if the headset is assigned the default role is to go into sound management, then assign the speakers to default and then restart my application.

Desired: I would like an application profile to default to the assigned role from the mixer.  The settings could be permanent or temporary.  If the 1st choice is not available, use the alternate working or (default).  The sound should dynamically change or at the very least keep that profile with that application until changed.

In the mixer, I should be able to rt click on the application in the mixer and manually assign it to a sound device.  This option should be assigned to a default target to play ONLY if the desired is not available.  Possible options can be, just one time, or have this device handle sound if available.

Hardware:  Asus Rampage 2: Gene motherboard, 6GB Ram, GTX 275 graphics, Seagate 1.5TB.  Drivers auto discovered on install and appear to be functional.