I found the following in the device manual.
I guess it can do SPDIF out?
Output
Because of a limitation in Microsoft's kmixer system file in Windows 98SE, 2000, and Me, the output of the USBPre is limited to 16-bit. A 20 or 24-bit signal sent to the USBPre will output 16-bit data.
To improve the transfer of digital audio, the USBPre Control Panel has an S/PDIF output sync selection. With no sync selected devices connected to the USBPre's S/PDIF output may take several seconds to "lock-up" to the S/PDIF signal. During lock-up, objectionable audible artifacts are present. When no audio is present the S/PDIF output is inactive. When an output sync sample rate is selected in the Control Panel the S/PDIF output port is always active, sending 0's at the selected sample rate when no audio is present. This greatly improves the performance of transfers from the S/PDIF output, since a lengthy pre-roll is not required to lock-up the data.
BIG NOTE: Selecting an output sync sample rate in the control panel may have a negative on audio performance since all audio, regardless of its native sample rate, will output at the selected sync rate. Sample rate conversion will occur in Windows when the computer receives an audio signal at a frequency that is different from the selected sync sample rate. Again, make certain that the selected output sync sample rate matches the sample rate of the files being played, otherwise sample rate conversion will occur.