word_play,
There were a lot of new things added to Cool Edit 2.1 from ver 2.0...
2.1 was very stable version with added features and extras.
I'd go ahead and upgrade to Adobe Audition 1.5.
New for verson Cool Edit Pro 2.1
* Multichannel encoder with WMA and WAV 5.1 file output
With the new multichannel encoder, you can take any mix from Cool Edit Pro's Multitrack View and pan the tracks and busses to create a surround sound mix. You can preview your surround mixes on any sound card that has a DirectSound multichannel driver, and export the mix as a single 5.1 WMA file, one interleaved 6-channel WAV file, or 6 individual mono wave files.
* WMA 9 support
Cool Edit Pro's WMA 9 features includes support for the format's new capabilities, including encoding to either constant bitrate or variable bitrate, support for sample rates up to 96kHz and bit depths to 24-bit, data rates up to 440 kbps, lossless compression, and multichannel files.
* Greatly improved Noise Reduction
The new Spectral Decay option makes possible much larger reductions in noise without adding unwanted artifacts.
* Cart Chunk header editing
The Wave Properties dialog now includes the fields for creating and editing cart chunk data, commonly used for radio automation systems
* Additional hardware controller support
Cool Edit Pro now supports the Mackie Control, Tascam US-224, and Event EZbus. Hardware manufacturers can also write support for new controllers with the new Cool Edit Pro controller SDK.
* Faster and more efficient background mix
New background mixing algorithms give Cool Edit Pro smoother performance, especially on slower machines.
* Enhanced SMPTE/MTC master and slave accuracy
Cool Edit Pro's sync to external SMPTE/MTC sources is even more accurate than before. It will now chase a source with better than ¼ frame accuracy.
* Improved accuracy for automatic beat detection
The improved functionality in Edit->Auto Cue->Find Beats and Mark makes it easier than ever for you to add beat markers to your files. Beat markers are especially handy when used in loops. Cool Edit Pro can use the beat markers to tempo stretch loops far beyond the normal BPM changes that would normally cause artifacts.
* New "hybrid" stretch method for loops
You can stretch loops in Cool Edit Pro using resample, time-scale, or beat splicing methods. Some loops sound best when the time scale method is used to lower their BPM, add the beat splicing method is used to raise their BPM. The new hybrid stretch method uses time-scale stretching when lowering the BPM and beat splicing when raising it, which greatly increases the stretching quality of those loops.
* Master volume fader is now selectable pre or post bus
The placement option for the master fader gives greater mixing flexibility by allowing the master fader to either control the levels before they go through the busses and the bus effects, or to serve as an output level control at the end of the signal chain.
* Ability to move tracks in multitrack by right clicking and dragging on track controls
Just right click in the track controls and drag up and down to reposition entire tracks in the multitrack view.
* Faster response in VU meters and Frequency and Phase Analysis windows
All three of these analysis tools have much smoother updates in real time.
* Spin mode for Phase Analysis
The Spin mode in Phase Analysis provides a new way to look at the phase relationships between your channels.
* Additional drive support for CD extraction under Windows 2000 and XP
Cool Edit Pro supports more CD-ROM drives than ever for CD extraction under Windows 2000 and XP.
* Greater support for 3rd party DirectX plug-ins
Cool Edit Pro supports more plug-ins, and also offers you the ability to enable or disable DirectX support in Cool Edit Pro.
* Intelligent default sound card selection
Cool Edit Pro now selects its default sound card more intelligently, allowing you to get up and running even faster than before.
* Multichannel WAV import and export
You can now import WAV files with more than 2 channels as a series of mono WAVs. This enables you to open a WAV file that contains a 5.1 surround mix, edit each of the wave files, and re-save the tracks as a multichannel wave file using the multichannel encoder.
* Plus dozens of small performance enhancements and usability tweaks