Okay, first, I have read the topics posted by KenA on getting Broadwave to run on Windows 7.
My goal is to stream audio that I am playing on my computer through iTunes, YouTube, Pandora, etc. as well as stream my voice from my microphone. I am doing a live internet radio show. I had it working with my old PC running Windows XP, but it had some issues, so I just purchased a new PC with Windows 7.
I have the speakers plugged in to the "line out" port (green) and the mic plugged into the "mic" port (pink). The only way I have been able to get Broadwave to stream the audio coming from my