In the Device Settings window of Nero WaveEditor it is possible to make determinations for the audio input and output.    
You reach this window via Options > Device Settings entry in the menu bar.
The following drop-down menus are available in the Device Settings window:      
Input device
Specifies the audio device for the audio input (e.g. a microphone).
Output device
Specifies the audio device for the audio output (e.g. speakers).
 


Device Settings