I can't help with Cool Edit, as it is not a program I am familiar with. I do, however, have some general tips. The first step is, of course, to decide what parts you want to keep. I use a simple lyric sheet to do this. I print up as many copies as I have takes, plus one. I make sure to triple space them so that I have a lot of room to write on the paper.
I use each copy to write down which lines, or parts of lines, or even parts of words are not worth keeping. I then do an initial check to make sure I have all of the parts represented at least once. At this point I do whatever additional overdubs I need to do.
I then go through and chose exactly which take has the best versions of the individual lines, with an emphasis on using the longest pieces possible (the fewer cuts the better). I write down the edits I need to do on the extra copy of the lyric sheet.
Only after I have made all of these decisions do I start making my actual edits. This allows me to have the difficult creative decisions out of the way before I need to start doing the technical work.
Do not limit your self to hard edits. If you have a word which is good for the first syllable, but not the second, you can do a cross fade between the two takes in order to mask the change.
If you have a difficult vocal riff, going through a variety of vocal registers, you can record the different parts indifferent takes, and use some creative comping to make it sound like one take. If there if a part of the riff you, or you singer, can't sing, get some one else to sing it, and comp the parts of the riff together. I have done sessions where I have comped together 4 singers in about two beats. I have even comped men and women into one line. I would bet at least some of you have heard some of my more creative comps, and not even noticed there was a comp. Things like this are VERY common in pop music, though they are becoming less so as people rely more and more on Autotune and the like.
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