Application Specific Sound Configuration? (Stereo vs Dolby)

[Mulsiphix]

I purchased a game that has a known sound issue. It only plays all of the sound when using Stereo sound. 5.1 sounds are sadly incomplete. Currently I only know how to change all sound on my system to either be Stereo or 5.1. Is there any way that I can set this one application to use Stereo sound? Perhaps with a third party app?

 

[Mulsiphix]

If I can't set sound on a per application basis, can I create a shortcut in windows that will allow me to switch between Stereo and 5.1 sound?