Syphon

Syphon is an open source Mac OS X technology that allows applications to share frames - full frame rate video or stills - with one another in realtime. Now you can leverage the expressive power of a plethora of tools to mix, mash, edit, sample, texture-map, synthesize, and present your imagery using the best tool for each part of the job. Syphon gives you flexibility to break out of single-app solutions and mix creative applications to suit your needs.

Soundflower

Free Inter-application Audio Routing Utility for Mac OS X

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Free Download

Soundflower is a Mac OS X (10.2 and later) system extension that allows applications to pass audio to other applications. Soundflower is easy to use, it simply presents itself as an audio device, allowing any audio application to send and receive audio with no other support needed. Soundflower is free, open-source, and runs on Mac Intel and PPC computers.

Visit the Soundflower Google Code page for complete information including downloads, source, and issues. For troubleshooting, read a discussion here.