Is there a shortcut I can setup that takes me directly to the Windows XP Record Mixer?
I have to go through a couple of clicks to get there but it would be nice to access it with one click.

Create a shortcut with  

%windir%\system32\sndvol32.exe -r 

as the target.

--Larry

I keep getting the following error:

"There is a problem with your sound hardware. To install mixer devices, go to Control Panel, click Printers and Other Hardware, and then click Add Hardware."

My audio functions are working fine.

I fixed it.
Went to Sounds & Audio Devices,
Audio Tab,
Chose my soundcard as the default recording device.
I had my Fender Mustang set up as the default device.

In the shortcut properties I set up the shortcut key as "Ctrl + Alt + v".
Works.

I assume you are getting the error when you try the shortcut you made.  And that you don't have any problems getting to the Master Volume and Recording Controls mixers via the normal mechanisms.

Right?

Here's how to create a shortcut to the Recording Controls that worked for me.

Navigate to C:\WINDOWS\system32\sndvol32.exe

Right-click sndvol32.exe and select Create Shortcut.  Drag the new shortcut to where you want it.

Right-click the new shortcut and select Properties.

On the properties General tab, edit the name in the box at the top to be something like Recording Controls.

On the properties Shortcut tab append " -r" without the quotes to Target.  That's a single space in front of -r

Click Apply and then OK.

If that doesn't work then I'm not sure what else to try.

--Larry

Everything is working now. Thanks!
I had to change the Sound Recording Default Device to my internal soundcard via the Sounds & Audio Devices>Audio Tab window.

I now have 3 shortcuts set up:
    Volume Control - Ctrl + Alt + V, opens normal Windows mixer,
    Record Control - Ctr + Alt + R, opens the Windows recording mixer/recording source.
    Sounds & Audio Devices - Ctrl + Alt + S, opens the Control Panel Sounds & Audio Devices window.

I must have a simple system, never have to use a shortcut, just use my audio/interface set up as preferred device.

I know what is recording - my audio/interface. I know what is playing back - my audio/interface.

My life is complicated.
I'm still running XP here.