Using multi-media from multi-source

I like to watch the Japanese porn cartoons on our large plasma-screen
monitor, hentai & anime, but the problem is that all the audio is in
squeaky Japanese not sexy Swedish - bummer, huh?

Well, what I do most times is go ahead and mute out the audio on the porn
movies and turn on a smooth jazz station outside of my computer for
listening pleasures while me and my date imitate many of the positions
being demonstrated in the porn movies - which brings me to my question:

Is there a media player which is really suitable for watching videos on
mute, while you stream another audio source without causing conflicts?

A squeaky little voice saying "... me so horn toad for you lust steak"
causes a serious conflict, in my opinion.

TIA