Easier way to switch sound output device

I bought a USB soundcard for my Macbook Pro, so I can use a headset mic for Skype. By default, the. sound goes to a pair of external speakers (for iTunes) or the built-in speakers (on the road/gaming)

Is there a simple way to switch or toggle (keyboard shortcut, menu-bar icon, dock-able app) between these two output devices.

Apple-Menu->System Preferences->Sound is just too many clicks, requiring much precise mouse manuvering, when all I want to do is switch the output in a hurry).

I'd rather not buy a "switcher", one more device to carry around!

It sounds like you are after SoundSource:

SoundSource is a tiny tool for OS X enabling you to switch your audio input and output sources with a single click, and even adjust their volume settings.

Another program that does the same thing is PTHVolume.

Also in Snow Leopard if you hold option and click the sound icon in the upper Right of the Mac it will bring down a menu similar to what the above mentioned 3rd party plugins do.

You can press Option-Volume(Up/Down/Mute) to open the Sound Preferences directly, although you would still need to select the desired output.