Windows 7 - Muting specific audio devices with hotkeys/macros

Hello, I need help finding a way to mute and unmute specific audio devices by pressing a single button. The thing is, my computer is set up as a central point for my multiple systems and gadgets, and one of them requires to send sound out through one of the cables. Now the thing is, it is currently always on, and I would like to have a a function that works similar to how a "push to talk" button would work on a teamspeak or ventrilo client, or one that just press one for on press again for off for that specific device. Currently the programs that I have found so far only allow me to mute the default devices, but not others.

Sorry if my english is a bit off here.

Thanks for any help!