Windows 7 Quickly change sound

Is there a way for me to change my sound settings to a preset setting by just pressing a button. For example, I like to play music through my microphone, and I do this by listening to my microphone than disabling it. But to actually use my microphone I would have to disable these changes manually and it is rather time consuming. Is there anyway within windows to assign a button to change between the two settings, or is there any program which can do this.

This website is not affiliated, owned, or endorsed by Microsoft Corporation. It is a member of the Microsoft Partner Program.