How to control the volume of applications independently of each other?

[oregon2]

Vista and 7 have built in functionality to allow the user to control the application volumes independently of each other. For example, if I'm watching a video, and also am browsing websites that randomly emit noise, it allows you to mute your web browser while still having sound from your video. Can this be done in Mac OS X? Or are there free programs?

I work online through a website that has annoying and non-essential sound, so I want to mute this in order to listen to music through iTunes.

 

[calderone]

http://rogueamoeba.com/audiohijackpro/

 

[oregon2]

http://rogueamoeba.com/audiohijackpro/

I might give that a try sometime, but right now I'm watching TV shows on hulu so I don't think this would work with the sound overlay.