Redirecting outputs



I have one PC with one integrated sound card (Realtek HD Audio) which has few outs (front, rear, side, center). I always use only one. My question is: is there any software way to make possible that one person plays a game with his headphones an the other listens music or chats on Skype on his own headphones. Is there any software way to rediret sound from particular application to particular sound card out ?