Fuzzy~
Actually, forget the "splitter" idea. But for informational purposes for any on else. The splitter I speak of will have one "male" end that plugs into the sound card for audio output and 2 "female" ends to plug in a set of speakers AND a set of NON USB head sets. This way you can have both plugged in and use either as you see fit.
In regard to the USB headset/mic and speaker use. YES you CAN have both available for use AND have both plugged in at the same time.
As I mentioned I do have a wireless USB headset/mic combo that plugs into my front USB port with a "nano" reciver. I also have a set of speakers AND a NON USB headset/mic combo also hooked up. I have yes to experince a problem with the sound cutting out on anything.Unless the headset/mic is low on battery. Whichis why i have a non usb set hooked up to be able to swtich "on the fly"
You SHOULD be able to control (in the windows sound properties by right clicking on the speaker in your System/clock tray or in Control Panel and they the sounds catagory) which audio set you are using. However this is ALSO taking into consideration that you have the drivers installed correctly. As I mentioned if you have the Audio mixer and other software for your creative card you HAVE TO activate the various ports on the sound card that you need.
Also as I mentioned, even thou you DO install the software you DO NOT have to have it running at startup once you activate the ports with the software. Once you are done with the initial setup of your ports on the sound card you can then stop the service/process/program from running at startup. From what I am able to determine, it seems, that the Creative software, for lack of better, "forces" windows to recognize that the ports on the sound card are active ports and capable of being used.
The only time I have had some issues is when I have formatted and reinstalled windows OR updated the creative software then the whole procedure with the software has to be repeated. As long as you remember that you need the software and the procedure to activate the ports, its actually easy.
Hope that helps. Any other questions feel free to ask
~LoneWolf
Edited to add for TM: I looked at your specs as well, and you SHOULD be able to the same thing that I'm describing for Fuzzy to do with the sound properties. I think, if i remember correctly from when I worked on some systems including my own that had at one point a Realtek sound card, there is also a "mixer" type of program out for Realtek that does the same thing that the Creative software does. Might want to check that out