In linux, there is such thing as well, it is Pulseaudio, a new comer in the sound server world. It have Per Application volume control, it also have the ability to stream across network, integrate with avahi, the linux zero conf networking server. And few others. It is currently the default sound server for fedora core 8. And ubuntu have it in repository, but is not the default sound server, on the other hand, it is not hard to install.
Based on the links, it is just a matter of
sudo apt-get install libasound2-plugins "pulseaudio-*" paman padevchooser \So the links would work very well for everyone.
paprefs pavucontrol pavumeter
For 64 bit user, there will be problem using flash, just follow the advice here. Basically you need to download the file in the first post and install it.
After all the work, you will have a feature similar to windows vista, and ability to stream across network, which vista don't have, as well.