Windows 7: Have overall volume control ignore/apply to specific programs

Hi!

Here's my current situation: I'm using a 5.1 speaker set as the default audio device, and use it for playing music, games etc. I also have a headset, which I use only for VoIP (Teamspeak3). Right now, the volume control button on my keyboard does exactly what I want it to do: change the volume on everything except Teamspeak3. This is obviously working because the volume key only adjusts the volume of the default audio device.

However, I want to switch to headset only in the near future, and I would like the have the same functionality: use my volume button to change the volume on everything except Teamspeak3. As everything would play over the same audio device, my previous method won't work anymore.



Does anyone here have any idea if/how I can make this happen?

Things I've tried or have looked for so far:
- Using a program to create a virtual audio device, define that as the default audio device, and then have it looped back to my headset. By setting my headset itself as output for Teamspeak3, the system volume button would only adjust the virtual device's volume. This won't work to my satisfaction as the quality of the sound would decrease, as well as all programs I have tried would have to b reconfigured after each system reboot.
- I've looked for options in Teamspeak3 itself and for plugins that will do the trick, but no luck so far.
- Searched the internet for solutions within Windows7, but no luck there either.
- I thought of finding a way to make the volume control button apply to the volume of specific .exe files, but I do not have the knowledge to do this.

Thanks!