"Hey guys Im a begginner with this program and i was wondering if you have 2 seperate tracks in my case a drum track left and drum track right. Is there anyway i can edit them and add effects at the same time"
Yes, you can edit the tracks in any number of ways. One way to edit is to apply effects. But you can only do one edit at a time on one track at a time, as far as I know.
"or mix them down to 1 stereo track for effect editing and eq work? Thanks a lot."
But if you make a mixdown of the tracks in Multitrack (Edit>Mix Down To File>All Waves) then you can apply any edit or effect to the mixdown, which is of course both drum tracks combined into one stereo mixdown, in your case.
"By the way i have cool edit 2.0."
Why not get the free upgrade to 2.1?