Program that outputs application audio as playback device

This seems ridiculously simple to do, but so far I've been unsuccessful in finding a program that does what I'm looking for. That brings me to think that it's already present in Windows and that I just don't know how to do it. To explain exactly what I'm looking for: As seen in volume mixer: http://i.imgur.com/2VMBFQn.jpg there are audio tracks from all the applications you have open, and each of those tracks' volume can be adjusted. It seems like there absolutely must be a way to output these tracks as separate audio devices, as seen in the playback devices window: http://i.imgur.com/WD9S9fZ.jpg Dxtory does this with video capure; it can output all of your capture outputs as directshow capture devices. This is very useful for video; you can pair DXtory with OBS and have OBS stream from your different directshow outputs like this: http://i.imgur.com/jFn37UJ.jpg With audio it would work the same, just with audio instead of video.

 TIA for answers. This idea has me excited. :) 

Would something like this work?

Very promising... testing it out now.

I also found this free alternative.

Alright. VAC comes close, but I run into the same problem as before. I can only select from the audio devices I already have: http://i.imgur.com/oVBjphW.jpg Turning the sound sent to Windows by applications into individual virtual audio devices (like stereo mix but with each track seperate) is what I'm looking for. Thanks for the answer nevertheless :)

 

P.S. The VAC virtual audio device does show up though, which is cool. http://i.imgur.com/KGCMBcM.jpg