In some of the more recent versions of windows, each application has its own volume slider in the volume panel. But I assume you'd have known that and it doesn't answer your question.
You could crank up the volume control in iTunes really high and turn down the master volume control.
Hobbes: "What's the point of attaching a number to everything you do?"
Calvin: "If your numbers go up, it means you're having more fun."
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