Mapping the Scroll Wheel for Volume Control or Video position.

Does anyone know of a way that I can use the scroll wheel on my Logitech Mouse to control iTunes volume or video position? I personally think that Apple should expand the mouse control to have a similar functionality as the keyboard control, allowing one to set program specific settings for the various attributes that are available on the mouse or mice type devices on one's system. I have a Logitech mouse and a ShuttleXpress. At times, I wish that I could control volume or video position in iTunes using the scroll wheel on the mouse. Thanks in advance.