skype - Deceptively Difficult Windows Audio Routing Problem

How is possible to insert VST Audio Effects, running in an ASIO Host, into the Windows Audio Stream?

Goal : talk with a processed voice when using Skype. Not interested in the various 'voice changer apps out there, but intend to use pro vst effects for things like compression and noise reduction.

Steps :

1. Speak into a headset, and pass the audio to Ableton Live (ASIO VST Host)
   
   
   • No Problem - Have a Bluetooth headset windows audio device. Can pass its input - my voice - into my EMU 1212M "PatchMix" mixer via the 'Listen to this device WIndows "Mic Properties" dialog. From there I can mute the direct signal and pass it into Ableton via ASIO.
   
   
   
   


2. 
   

   Process my voice in using a VST chain in Live, routing the output back to windows where it can be used as a device in Skype.

   
   
   
   
   • This is the tricky part. I can pass the processed audio back out to my EMU Mixer, but the resulting stream will not appear within Skype since it is an OUT stream; not IN.
   
   
   
   

So, the remaining problem is to find or write a piece of software something akin to a virtual webcam, but for audio.

Does anyone know of such a driver/device which can make an output of one windows audio device appear as an input of another virtual device?