Yes, it should be fairly simple to do if your mobo!
Have a look at this:
If you change your speaker setup to Quadrophonic and adjust you main volume level to 30% and the mic speaker at 35%.
Disable any echoing bass or trebel effects, also adjust your mic to cancel out any in direct room noise.
Matter of fact try it now with a game and use xfire client to see what works best for you.
I highly recommend you keep your volume stable and do not let the sound card automatically raise the volume.