There's no point in bypassing windows mixing just to add some other DSP. It's nonsensical.
Just for the sake of this thread, and what urfausto (thinks he is) trying to achieve I agree.
But if you are serious about audio quality and you know what you want and you know what you are doing, you could want to use a good quality dsp plugin, and avoid the Windows mixer interfering with e.g. changing sample rate etc.