Is there a way that I can have cool edit automatically compensate for my sound card's latency? So far this has been this biggest thing turning me away from computer based recording.
See the setting called 'Multitrack Latency'? Set it to the number of milliseconds of latency that your card is producing. Zoom in on the beginning of the tracks to find out. It'll be the same every time, I think.
Let me know how it turns out. I've never tried it.