Feedback loop issue with stereo-mix, work-around would also help

Hey,

I want to record the audio from a skype conversation, and a videogame at the same time, so bassically i need to record my input (mic. input), my friends input (my output) and the game's sound (output).

So yeah i could just enable stereo-mix and my sound recording device (currently using audacity, very open minded however) would record my PC's output aswell as my input. Simple right? Well, here comes the problem, when using stereo-mix this results in an instant feedbackloop wich will lead to a horrific noise in about 5 seconds. So using this is rather... useless.

myself i have come up with certain work-arounds/ solutions but don't know how to follow trough with them but here are my thoughts:

- Get a recording device wich allows for simultaneous input and output recording (don't know any)
- Solve The Feedbackloop problem. seriously have no idea...

Additional info:
I am running on:
- Windows XP
- Realtek HD audio (something something, can find out the exact numbers if needed)

and my friend is running:
- Windows 7
- and doesn't know what his sound card is.

the feedbackloop is trough skype as far as i can tell (we both get a destroying sound)
 
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