One of the nicer features of Windows Vista is independent volume control for every application. IndieVolume brings this feature to Windows XP (also ME, 2000, and 2003) -- and apparently has done so for several years. This program is payware, unlike most of the programs I review, but it provides a unique feature that I haven't seen in any freeware application.
If you've been using a computer for many years, you probably remember DOS and probably have an old DOS application or two that you really miss, but just does not run well under Windows XP. Your old DOS program just does not play well with Windows XP.