SoundSwitch is an excellent utility that allows you to change the default playback or recording device using keyboard shortcuts. While running the application can be accessed from the system tray with just a right-click. The settings menu allows you to view the playback and recording devices on your computer.
Some other customizations that can be made are auto-start when Windows does, the notification type, and the GUI language. Also automatically application update can be managed from here.
Overall, SoundSwitch is an application that lets you toggle the audio devices on your computer using hotkeys.