This utility probably doesn't exist. If it did, I would probably already know about it. That said, is anybody aware of a utility that can record and mix audio on a per-process (or audio stream) level?
For example, let's say I'm playing Portal 2, and I want to capture the audio from the game, the audio from my partner, and the audio from my mic, all independently, such that I can combine them at a later date without fear of messing up the levels.
The audio comes from: skype.exe, an input device, and portal2.exe.