WASAPI - Applications communicate with the audio driver through Sessions, and these Sessions are programmed through the Windows Audio Session API (WASAPI). In general, WASAPI operates in two modes. In exclusive mode (also called DMA mode), unmixed audio streams are rendered directly to the audio adapter and no other application's audio will play and signal processing has no effect. Exclusive mode is useful for applications that demand the least amount of intermediate processing of the audio data or those that want to output compressed audio data such as Dolby Digital, DTS or WMA Pro over S/PDIF. WASAPI exclusive mode is similar to kernel streaming in function, but no kernel mode programming is required. In shared mode, audio streams are rendered by the application and optionally applied per-stream audio effects known as Local Effects (LFX) (such as per-session volume control). Then the streams are mixed by the global audio engine, where a set of global audio effects (GFX) may be applied. Finally, they're rendered on the audio device.
Audio Stream Input/Output (ASIO) is a computer sound card driver protocol for digital audio specified by Steinberg, providing a low-latency and high fidelity interface between a software application and a computer's sound card. Whereas Microsoft's DirectSound is commonly used as an intermediary signal path for non-professional users, ASIO allows musicians and sound engineers to access external hardware directly.