Getting a good vocal track, like much of recording, is a matter of finding out how your room works, what the capabilities of the singer are, and the sound you are trying to get, and how that sound will fit into the mix. For that reason there's no single way of going about it. I have a good sounding room, and I have learned which mics work with the singers I usually work with, but every time someone new comes in it's almost back to square one again.
Experiment. Doing so, especially with effects in Cool Edit Pro/Adobe Audition, is pretty easy, since you are compelled to record dry anyway (unless you are using outboard hardware). Expect to take a lot of time trying different compressor settings and reverbs (and, as an aside, don't drench the vocal in reverb: the more you use the farther away the voice sounds).