From Ed Mullin's website. These utilities are perfect for a shortcut usage:
MUTE and SETVOL are two FREE utilities by Christian Klukas
Direct Download:
Download MUTE.EXE
Download SETVOL.EXE
(Also availabe from PC World Magazine)
MUTE.EXE
By itself, Mute simply turns the system sound on and off. If you put it in your Quick Launch toolbar (or any toolbar), it's a faster way to mute or unmute sound than waiting for the volume control to appear when you click the Volume icon in the tray.
If you add command-line switches, it can do more. For example,
mute.exe on - always mutes.
mute.exe off - always unmutes.
If you add the "-delay" switch
mute.exe on -delay - Mute will stay quietly in memory until you logoff or shutdown Windows; it will then mute the sound at that time.
SETVOL.EXE
If you have multiple users using the same computer, this application can be used to adjust the volume level automatically every time a user logs on. SetVol lets you make custom shortcuts for setting the volume of the sounds your computer makes.
If you use + or -, you can create shortcuts that increase or decrease volume in increments of 10%. For example, this shortcut makes the volume 10 percent louder
Setvol.exe +10
On the other hand, you can also omit the + or - to set the volume at an absolute level. For example, the command line
Setvol.exe 100 - would turn the volume up to the max, while the command line
Setvol.exe 25 - would set the volume to 25% of max.