The best replacement for cool edit pro is adobe audition.

The best alternatives to cool edit pro are rated as following:
★★★★★  adobe audition
★★★  audacity
★  cakewalk
  audition
  cool edit 2000

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Speaking about cool edit pro, one probably shouldn't forget about autotune.

Other search terms related to cool edit pro and their ratings are:
★★★★★ autotune
vst
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cool edit pro
adobe audition
audacity