Best thing to do is try virtualbox from SUN, install Windows xp onto it as a trial. If the programs you want can run on there fine whilst you do what you do on Mac then that would probably be best for you. But Cool Edit Pro is a very dated program and there are much better alternatives that are mac native. Adobe Audition took over from Cool Edit Pro in 2002 or something, it is the successor to it. I'd recommend trying that.
Check out A3E in Boston!