I just want to say my opinion guyz....
I've been using Cool Edit Pro 2.1a for quite long time, together with Wavelab 2. (I'm a registered user of Wavelab anyway...)
But after the Wavelab 3 release, Cool Edit Pro started look very oldish to me... and so even more now with Wavelab 4. Maybe Cool Edit Pro was the first one that had Multy track feature, but after the Wavelab 3 was out, it was much better, well a bit more complicated but that's why it's called a pro editor. Wavelab 3 and 4 manuals are only printed and the books are huge enough. It could still be available in pdf format, but unfortunately, Steiberg didn't want to do that. Anyway Wavelab is the only one i'm using now.