yes you set the default as the speakers in the windows sound pannel in controlpannel/sound. then open vent and select your recording device and headset as the output for chat. same in skype and most other voip apps.
the only thing is you must have either a usb head set or a dedicated sound card. so you can separate the channels. if you only have onboard and no usb then you cant do it im afraid.
plug your headset into the sound card and your speakers into the onboard.