Controlling volume from different sources seperately?

Is it possible to adjust volumes of seperate sources seperately? Not like Wave/SW Synth/Line In, like Windows offers, but I would like to seperate Audio from browsers, cd player, games, or whatever so that their levels can be adjusted independantly. Nothing worse than having the music on loud and some stupid ad for a game with explosions booms through the speakers, or windows gives a noise alert and it is too loud. It would even be nice to seperate different instances of the same browser. That way the Internet radio station volume can be independant of othyer browser noises.