So I've been searching for a method to do this for a while and I think I've finally found a way! 
First thing I should mention is there is some latency; I'm hoping by showing other people who to get it working someone will have a lightbulb moment and figure out how to reduce or even eliminate the latency.
For this you'll need 3 pieces of software:
AC3Filter
Virtual Audio Cable
GraphEdit (this is a programming tool from Microsoft)
1: Install AC3 Filter
2: Install Virtual Audio Cable
3: Open GraphEdit and create to sound path you need by going to Graph->Insert Filter. On the list you'll want Line 1 from WDM Rendering, AC3Filter from DirectShow Filters and whatever S/PDIF you're using in Audio Renders.
4: Connect the ADC out to AC3 in, and AC3 out to your Audio Input Pin.
5: Hit the play button at the top.
6: Switch default audio device to Line 1 in the control panel.
I've noticed some software doesn't work with Line 1 set as default, specifically Foobar2000, although games appear to work fine.
The latency on my system isn't dreadful, I can imagine playing some (slower) games with it however I doubt it's ready for anything like Unreal where you need that time critical sound! It's a step in the right direction though, give it a whirl though and see!

First thing I should mention is there is some latency; I'm hoping by showing other people who to get it working someone will have a lightbulb moment and figure out how to reduce or even eliminate the latency.
For this you'll need 3 pieces of software:
AC3Filter
Virtual Audio Cable
GraphEdit (this is a programming tool from Microsoft)
1: Install AC3 Filter
2: Install Virtual Audio Cable
3: Open GraphEdit and create to sound path you need by going to Graph->Insert Filter. On the list you'll want Line 1 from WDM Rendering, AC3Filter from DirectShow Filters and whatever S/PDIF you're using in Audio Renders.
4: Connect the ADC out to AC3 in, and AC3 out to your Audio Input Pin.
5: Hit the play button at the top.
6: Switch default audio device to Line 1 in the control panel.
I've noticed some software doesn't work with Line 1 set as default, specifically Foobar2000, although games appear to work fine.
The latency on my system isn't dreadful, I can imagine playing some (slower) games with it however I doubt it's ready for anything like Unreal where you need that time critical sound! It's a step in the right direction though, give it a whirl though and see!
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