Go to the Event website, and download the BETA driver for the Layla 20 bit. I am guessing you are running XP..or Even Win2000 ...potentially, and you need more current drivers. Unfortunately, that is all that is available...the Beta drivers, as they don't support the 20 bit anymore. But, I can verify that they work without a glitch as I have a computer with a Layla 20 and running XP. Works and SOUNDS great, although I have just recently got AA2.0
That may be a suggestion that doesn't apply...and if so, I would then think it is in how you have Cool Edit setup... as in devices, etc.