Pulsemixer is a console volume control application for the pulseaudio server. You can adjust the volume of audio interfaces and running applications. Compared to pavucontrol it is very limited. For instance you can only see/change the average volume of left and right channels. Also there is no built-in maximum volume so use it with caution!
Use keybindings in terminal
This is how it looks on my machine:
arrow keys - navigate and adjust volume
n - set volume to 0.00 dB
m - mute
q - quit
[ 0.00 dB] High Definition Audio Controller Digital Stereo (HDMI)
[ -9.29 dB] Built-in Audio Analog Stereo
[ -1.22 dB] VLC media player : audio stream
[ 0.00 dB] Spotify : Spotify
To compile you need libncurses and libpulse. Then just run
$ cd src/
$ make
$ sudo make install
To get independent volume controls of sink output and attached clients set flat-volumes = no in /etc/pulse/daemon.conf.
This is the default setting in Ubuntu 12.10.