TMediaPlayer play through one - record by an other

[AKJo]

Using TMediaPlayer to play parts of .wav files.
I would like to copy parts from .wav files and append to an other .wav file.
Is there a way to do this, without physically connecting the speaker output to the microphone input and add noice and loose sound quality. I would like to do this "connection" with the software, but found no solution.

Also: How can I get a resolution, better than 1 s for MediaPlayer1.position?

MediaPlayer1 do begin
TimeFormat := tfMilliseconds;

does give 1000 ms as resolution!