Is there an API that is suitable for doing this? A possible application of this is for writing a visualiser, and to play with real time signal processing.
EDIT: The operating system in question is Windows. On Linux, a roundabout way to accomplish this is with Jack, but I'm hoping for a way to read the data in the audio buffer without having to couple apps to Jack.
EDIT: A good answer is found here.
If sound board used for playback has recording device/line like "Stereo Mix", "What U Hear", etc., then it is enought to write simple recording application, that is capable to record from a specified recording device/line and record from the "Stereo Mix",...
General case (for "all sound boards") will require to write special driver. Examples of applications with such spesial drivers: Virtual Audio Cable (http://software.muzychenko.net/eng/vac.html); Total Recorder (http://www.totalrecorder/com).