mpc-hc audio renderer: what option to select?

[codemaster]

In MPC-HC -> Options -> Playback -> Output -> Audio Renderer there is a list with the following options:

1: System Default
2: SB Live! 24-bit
3: Default DirectSound Device
4: Default WaveOut Device
5: DirectSound: SB Live! 24-bit
6: Null Audio Renderer (Any)
7: Null Audio Renderer (Uncompressed)
8: MPC Audio Renderer

SB Live! is the name of the driver for Creative SoundBlaster Audigy SE.

MPC-HC defaults to the first option "1: System Default", but what do the other options represent ? What do they mean, what is the difference between them, and how do they influence sound quality ? How does one know wich of these options should be selected ? Or "1: System Default" would be the best choice, for some reason ? Or, what audio renderer you select, depends on what video renderer you've selected ?