Something I've wondered, but haven't found an answer for: can any of the usb audio devices with s/pdif io act as standalone converters? i.e. pass their analog ins through their ADC and directly out s/pdif without going through the usb bus to the host and back? -Eric Rz.
It's certainly possible: I have a USB MIDI Keyboard/Synth (Novation X-Station) with S/PDIF out (no digital input, though) and it can take two analog inputs and output them through S/PDIF (with or without low-latency effects), mainly because it's also designed to be used *without* a computer (battery/DC adapter, etc). But this machine is *NOT* a USB sound card (no input through USB :-(, just analog inputs), but it sounds like it would do the job you described. Perhaps you have similar hardware laying around that might serve this purpose?