Playing music straight from mac to my webcam.

Hi Guys!!! Newbiee here.

I'm just wondering. Is there any way I can play music straight from ITunes while broadcasting on my webcam?
I don't wanna use my internal mic because it will not sound good.

This is an example:
I'm gonna tell a joke using my internal mic, then, I want to play a laughing sound effect.

Thanks guys!

I think you can do that with audio hijack you may also want to check out Soundflower