Windows XP (and previous versions) had a Record Volume Control panel that could be used to select between music inputs (Stereo Mix, Wav, etc) and a microphone. There doesn't seem to be an equivalent capability in Windows 7 . Is there a third party application that provides this functionality?
Note: the Windows XP Record Volume Control was accessed by doubleclicking the Speaker icon in the system try which displayed the (Listen) Volume Control. In the menu there was a "properties" which gave you the option of displaying the RECORD Volume Control instead. I used this capabiliy in Win XP to select the required inputs for an Internet Radio Station and now with Win 7, I can't do it any longer