If you are using X-Fi Titanium, in the Creative Control Panel, set mode to recording, enable bit-perfect playback, disable any XMS3D surround settings, make sure speakers are set to speakers even if you are using headphones.
If you play games, you will want to return to game mode before you launch your games or you will be missing EAX effects.
If you play games, you will want to return to game mode before you launch your games or you will be missing EAX effects.