SPDIF audio devices are not displayed in Microsoft Office Live Meeting audio/video wizard, however you are able to select it in Office Communicator.
To solve this issue you can set the following registry key:
To add this key by using Registry Editor, follow these steps:
on 32bit client:
HKEY_LOCAL_MACHINE\Software\Microsoft\RTC\DeviceSettings
on 64bit client:
HKEY_LOCAL_MACHINE\Software\Wow6432Node\Microsoft\RTC\DeviceSettings