I have been using cool edit for years and still have not been able to figure out how i can get some re-verb or effects in the head phones while i record vocals. any help would be greatly appreciated.
If you really mean Cool Edit then you can't without adding an external mixer/effects box.
More modern versions of Audition (what Cool Edit became after being bought out by Adobe) can do real time effects and route them to monitoring...albeit with latency issues sometimes...but Cool Edit couldn't do this.