Got it - Here are the instructions
Thanks to Peter, I was able to figure it out. This is to sync Cakewalk and Cool Edit Pro without using external hardware, contrary to what it states in the Cool Edit Pro web site. Here are the instructions for future reference:
1. Download midi yoke from
www.midiox.com
2. Install midi yoke and reboot - this will give you 8 virtual midi ports.
3. Open Cakewalk - Click Tools - Midi Devices
4. Under input ports - click Midi Yoke:1 (or 2 - 8)
5. Under outpot ports - click your Synth outputs - click ok
6. Click Tools - Project Options - under Clock, select SMPTE/MTC
7. Select your preferred time format - I use 30 Frame non-drop
8. Add a few seconds in the SMTPE/MTC offset - about 5 sec or so
9. Click Play - Cakewalk will wait for the other device to trigger, which would be in this case, Cool Edit Pro.
10. Open Cool Edit Pro, go to multitrack mode
11. Click Options, Device Order, Midi Output devices - add Midi Yoke 1 (or 2-8) - click ok
12. Go to Options - SMPTE Master enable
13. The moment you press record/play, Cakewalk will start.
14. You can then record one track or multiple tracks at a time with perfect sync.
I know this is easy to figure out for Midi experts, but for Midiots like me, I prefer a detailed list of instructions. Enjoy!!!