Help request: Multiple audio channels, recording all, playback of some

I would like help on a "complicated" audio routing issue.

I want to record program output and microphone input.

I want to hear what the programs are outputting.

I have the issue of speaker output and microphone input having feedback.

I can "solve" this by making microphone input at reduced volume, as I normally 
speak loudly anyways.

But I don't want my speech to echo back through the speakers.

So:

I have two programs, making sound: Skype, Minecraft.

I want both of them to play at "normal" speaker volume.

I want input to record from three places: Skype, Minecraft, and microphone. 

I want the microphone input volume turned way down to deal with my speech being 
loud.

I want audio output to the speakers to include the two programs but NOT the 
microphone; I do want the microphone to record with the two programs.

As best I understand SoundFlower, I can tell everything to output to 
Soundflower, and then record screen + sounflower. And while this would work, 
I'd lose the ability to hear my playmates and the game.

So ... What's the magic incantation, oh mighty wizards of computers?

Original issue reported on code.google.com by keybou...@gmail.com on 21 May 2012 at 6:29

miinaaa / soundflower

Help request: Multiple audio channels, recording all, playback of some #135