Set volume on different apps, e.g. mute browser?

Hi all,

Is there an easy way, or an easy application/widget I can download, that would allow me to set the volume of individual applications?

Use case: I'm in a meeting on Skype. I need my volume high, obviously. But I'm also browsing online, and occasionally stupid ads will suddenly shout at me (and make it obvious that I'm browsing online). Or the ESPN World Cup Game Cast will make a noise when a goal is scored. Or my IRC client will ping when someone enters the room.

Obviously, many of these have their own options, but it would be best to do it from a central location.

So is there:

A) a way to set volume (even just mute/unmute) on separate applications, or

B) if that doesn't exist, is there a way to set the volume (or mute) individual browsers? (I mostly use FF and Chrome)?

Thanks!

Theres no easy way to do this, the only way that I have found is by using Audio Hijack Pro, hijacking the browser/application and pressing the mute button. The drawback to this is that some applications have to be relaunched when hijacking them, and Audio Hijack Pro isn't free.