I know I know its old, but works great (at least for me in my enviroment)
I also have installed TotalRecorder.
Now what happens is simple.
It resets the Wave Volume level to a lower setting wich becomes rather frustrating if I am listeting to a whole album over the internet.
Also I cannot turn the volume up through WMP only down
I have to go through good old Volume Control
Now when i bring up the Volume Control in the left bottom corner it say
"Mixed Through TotalRecorder"