Here's the why... to bypass the windows sound driver altogether...
All the windows sound driver does in this case is play back the audio files already on your computer. There's nothing to "bypass" because the audio is already in the digital doman.
1. I have recordings that are waaaaaaay to bass heavy and simply eqing is not doing the trick
Simply converting the files from digital, out of your PC to analog, and then analog back to digital will not have a significant impact on the amount of bass in your recording. As David and others have suggested, the way to reduce bass in your recording is to apply EQ within CEP2.
2. I have multiple recordings of the same show (both by myself), sbd and room mic... if i wish to matrix these i'll need to rerecord, will I not?
No, you do not need to re-record to mix these two sources.
I wish again to bypass the windows sound driver to avoid too much boom and whatnot.
Bypassing the windows sound driver will not provide control over the level of boom (or whatnot) in your AUD recording, SBD recording, or the mixed AUD + SBD recording. CEP2 provides the ability to control the level of "boom" in your mix.
don't worry about why... that's not the concern... the concern is whether or not it can be done... aaaaaaand... these rerecords will go from one comp right back into it... so will/can the usb act as both a line in and line out on the same computer
The why is absolutely THE concern. Processing your files out of your PC then back in will
not accomplish the goals you've indicated you're trying to achieve: control to some degree the sonic characteristics of your mixed (audience + soundboard) recording.
First thing I would do is to
not EQ either source independently because you won't know the impact to the mixed source until you combine the AUD and SBD tracks. It would be pretty inefficient and time consuming to EQ the AUD recording and then mix with the SBD to see if your EQ-ing helped. I would mix the SBD and AUD sources in CEP
without editing the source AUD/SBD files and play around with different ratios of AUD v. SBD. Assuming your AUD recording is the "boomy" one, less AUD mix relative to the SBD mix will result in less "boom" in your mixed recording. So, just play around with different amounts of AUD v. SBD. If you really can't get it the way you want it, mix AUD + SBD til it sounds as close as you can get it to your desired goal (e.g. level of "boominess"), and then EQ the mixed file itself, not the individual AUD or SBD. My $.02.