I used to play around with Indie Volume in XP and it had several issues. I reported them all to the developer, but he was slow in improving the software, so I gave up using it.
As far as I know, app-specific volume control is built into Vista and above.
Where is this sound control? In the Windows 7 control panel, there is something called "Manage audio devices". On the tab called "Communications", "Windows can automatically adjust the volume of different sounds when using the PC to place or receive telephone calls". Other than that, I see no setting for the volume per application.
I also have a "smartaudio" icon in the control panel but it does not give me the choice to select the audio level per application.
Could someone help me find the app-specific volume controls in Windows 7?