Master Volume vs Wave Volume

I was really not sure where to put this question but I figured this subforum receives the most views, and it is related to a VB program, so I'm most likely to get a response here.

If I were to set the wave volume to 0, while leaving the master volume at a value greater than 0, is it possible in some circumstances that the computer will still emit sound from the speakers?

I have tried it on my computer, and if wave is set to 0, my computer will not make any sound, whether it be in games or playing audio/video in a media player. But perhaps it simply has to do with my setup (onboard audio).

Any insight?

Conceptually, "wave" is an input level while the master slider is the output level. Another internal input source is e.g. MIDI, external input sources are e.g. audio CDs, microphones, and any sort of analog or digital line-in.

Wikipedia:WAV (http://en.wikipedia.org/wiki/WAV) (or WAVE), short for Waveform audio format, [...] is the main format used on Windows systems for raw and typically uncompressed audio.MIDI (http://en.wikipedia.org/wiki/Musical_Instrument_Digital_Interface) (Musical Instrument Digital Interface) is an industry-standard protocol [that] does not transmit an audio signal or media — it transmits "event messages" such as the pitch and intensity of musical notes to play, control signals for parameters such as volume, vibrato and panning, cues, and clock signals to set the tempo.