Windows 7: Audio from different programs through different devices

So I've been looking for a bit over an hour now, and so far have been unable to find out if there is any support for windows 7 to stream audio from different programs to different audio devices.



I currently have a 3 speaker set up (L+R+bass) connected to my computer through an audio jack and a Logitech USB headset.

What I want to happen is this: the audio from my iTunes to run through the speakers while the audio from skype, games etc. to run through my headset.

Is there support for this function at all?

If you need any additional details just ask.