ASIO is a windows interface for low-latency multichannel (proper discrete multichannel not the 5.1 encoded nonsense) recording and playback.
It would only really be of use to you if you were using pro audio applications/editors/sequencers.
That said, plugins do exist for things like winamp but all they really allow you to do is output via a different physical pair on your soundcard (for that specific application)
So for example, you could have 3 copies of winamp running all outputting on different stereo pairs.
One example which springs to mind is the original Creative Audigy series - all the audio went through a fixed 48Khz processing engine - regardless of the claims of 192Khz playback - they were sued in the US for it and IIRC it was fixed for the Audigy2 series.
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