First, install Soundflower after downloading with the installer at this url:
The link looks like this:
Installing this should work fine.
Now download the old beta Soundflower installer from this url:
The file is the top one:
You're going to use this to install ONLY the Soundflowerbed application (if you already have this installed, it may tell you that you're "upgrading"). Fire up this installer and when you get to this screen, hit "Continue":
Then, when you get to this screen, make sure you hit the "Customize" button:
... and do this to make sure you're only installing the Soundflowerbed utility:
This should give you the functionality you need. It worked for me.