From the Rightmark web site:"The RMAA suite is designed for testing
quality of analog and digital paths of any audio devices, be it a sound
card, an MP3 player, a consumer CD/DVD player or an acoustic set. The
results are obtained by playing and recording test signals passed
through the tested audio path by means of frequency analysis
algorithms."
If you can't justify spending thousands of dollars on dedicated test
equipment like Audio Precision's superb test sets, the Rightmark RMAA
might be the ticket.
Combined with a high quality soundcard it performs noise, THD, IMD
measurements to the limits of the soundcards abilities. With the
Soundblaster Audigy I am able to resolve noise and distortion
products below -90db. It also tests soundcards!
It's easy to use and a has some acoustic testing options as well,
although I am yet to get the acoustic test to work properly.