Sound source to separate outputs

Posted:
in Mac Software
Here's an idea I just had. It may not even be possible, or maybe it's out there and I don't know about it. 

So my dilemma is I'm streaming iTunes to a bluetooth speaker in the living room, but I want to be able to watch some videos on the Mac in the office. Is there a third party software (or even better an out of the box way) to split those streams so that I'm not blasting CAD tutorials into the living room? iTunes to the bluetooth speakers and Safari to my office speakers. That would be awesome. 
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