There is no master volume change in Vista+ through legacy waveOutXxx
API. Use WASAPI instead:
If a device has a hardware volume control, changes made to the control through the
IAudioEndpointVolume
interface affect the volume level both in shared mode and in exclusive mode. If a device lacks hardware volume and mute controls, changes made to the software volume and mute controls through this interface affect the volume level in shared mode, but not in exclusive mode. In exclusive mode, the application and the audio hardware exchange audio data directly, bypassing the software controls.