Sorry to say, but Emu cards, because of their non-multi-channel WDM drivers, are not ideal for use with programs like Adobe Audition.
if you're just trying normal two-track stereo stuff, it will work, so you should see activity in the Patchmix WAVE OUT channels. If you need help with patchmix, check out http://www.productionforums.com/emu
I personally would return one or the other. The E-mu comes with Cubase on the driver CD that you can use. If you want to keep Audition, might I suggest looking at the new line of Echo cards that came out, which are around thatprice range (but don't include a soft sampler...)