Control Volume based on Application?

I was wondering if there was any application out there for Intel based Macs to control the volume of each application separately? Vista has this feature (See Here/), and it was the only feature I enjoyed on that OS before I made the switched to Apple.

I know a few programs have support for this inside them (such as Adium and iTunes), but my problem comes where I want to turn an application's volume down, an application which doesn't have it's own volume meter.

Thanks for the help!