The closest thing I've seen that works with a more-or-less standard sound card is with a Midiman soundcard like the DIO 2496.
http://www.midiman.com/m-audio/product.htm
You might want to check this out from the Midiman driver site if you're using Win2k: Note regarding 2000 WDM Drivers:
When the WDM spec was first released by MS it mandated that audio had to pass through the internal MS Kmixer in all cases. The Kmixer unfortunately introduced a 30 ms delay in any audio that was passed through it. This initially made the WDM spec appear to be unusable for recording audio applications since a 30 ms delay is unacceptable for doing sound on sound. This problem was brought to the attention of MS and after a few months a ?fix? or workaround was suggested that was acceptable to MS. This fix allowed the KMixer to be circumvented.
Some software companies have or are now implementing this work-around in their applications. These should be released soon as updates or upgrades. Once this fix is implemented, the latency of audio in these applications is not only reduced, but can be better than typical latencies introduced by other Windows-based operating systems/drivers (VXD, NT etc.). Contact your preferred software company to find out how they are dealing with this WDM issue.