i've mixed an entire album with cool edit. it wasn't that bad. of course that was before i got logic, or reason was able to do audio. it was a case of use what you got.Why not get a better mic, and better software? Cool Edit is a great audio editor, but I'd never mix an entire track with it. Maybe thats just me, but there are other softwares out there, such as Reaper, that just seem to work better for recording and mixing. Everything is so smooth in Reaper 5. Recording, punching in, routing, FX, the whole interface, its awesome. Cool Edit limits me a lot. Maybe I just don't know how to use it, but I don't want to have to look up a tutorial for something every 10 minutes.
2c.
Adobe® Audition® CS6
Accelerate your audio workflow: Speed up production with improved features for file preview, clip spotting, audio sweetening, project sharing, and more. Enjoy intuitive mixing and mastering tools.
Collaborate easily and effectively: Produce top-quality audio for film, broadcast, games, and other projects more efficiently with smooth Adobe Premiere Pro roundtrip editing and easy project exchange with other NLEs and DAWs.
http://cs6-adobe.blogspot.in/2012/06/whats-new-in-adobe-audition-cs6.html