So I have two output devices, my laptop stereo plug and a usb audio card, and I want to have some applications use the one and some the other. I have win7 x64 and while I can choose to throw all applications into either one, as far as I know there is no way to, through the OS, throw specific applications one way or the other.

Does anyone know any application or setting I'm missing to accomplish this?

I know that at least music players usually have the option of changing their output. I am not sure if there's any "global" settings you can set for it but I am sure you could probably find some program through a little google magic that could do it.

I tried before I came here and only got Virtual Audio Cable, which I have no idea how to us.
I suppose what I've done will work well enough. What I'm trying to accomplish is split out a skype call from streaming minecraft or an n64 emulator, so I can both use my mic for the skype call and get the audio out to the stream from the game. Both Minecraft and the emulator do not have options for output device, but luckily Skype does so I just changed that, and it seems to work well enough.

Windows does not have the ability to do anything but set a default audio device. In XP, you can set your default and open the program, and it'll stick, but Win7 changes it as you change your default rather than setting it and keeping it set when you open the program.