If you want your Mac to be seen but not heard, that’s easy: hit the handy Mute button on your keyboard, or slide the volume slider in your menu bar all the way down. If your needs are a little more complex than that, turn to SoundBunny.
This light application from Prosoft lets you set the volume level for each application running on your Mac. Say you want the Rdio app and iChat notifications nice and loud, and you don’t want to fully mute Mail alerts and system sound effects, but they’re too jarring when you have the Mac’s volume all the way up. Just set the sliders in SoundBunny and you’re good to go. You can mute applications’ sound here too--more convenient than digging into preferences and menus.
Positives
Easy to use. Works great.
Negatives
Doesn't support USB speakers.