Per-application sound balance in Windows 7

I like the new volume mixer in Windows 7, but it lacks balance controls. I know of the master balance control in the device properties, but what I really want is control of stereo balance per application, so I can have one program panned left and the other panned right.

Is there a way to add balance controls to the Windows 7 volume mixer, or is there a third-party application out there that can do this?

IndieVolume should do the job.

IndieVolume is a small utility extending Windows with functionality to allow applications to have totally separate volume, balance and mute audio settings.