That's my situation.
I have Sound Blaster X-Fi Go sound card and I am using SRS HD Audio Lab. SRS HD Audio Lab was selected as the default audio device and X-Fi effects (X-Fi CMSS-3d, Equalizer etc.) was working without any problem in Windows Xp. I have Windows 7 now and when i select SRS HD Audio Lab as the default device, Creative effects are not working, i must select "SB X-Fi Go!" to get them working but i can't use SRS HD Audio Lab in that case. I want to run two of them. Is it possible to do it in Windows 7?