Plenty of prosumer audio programs do that but it doesnt use system sound, only sound files.
My advice, find some backyard tinkerer, or goto college and find the engineering dept, who has an oscilliscope. And u cant use music to check for clipping, u need a parametric band EQ with a good amount of sliders for real control. And a CD of audio soundwaves at different freqs. and tweak each freq in your EQ by watching the scope. Music is too chaotic to watch for clipping on an oscilliscope.