One thing you should be aware of is that only a few programs have record compensation, even though many have plug-in compensation.
What happens is this: Suppose your interface has 10 ms of latency going in, and 10 ms coming out (about average, especially for a USB 1.1 interface). So say a drum note hits at 100 milliseconds into a song. You hear it at 100+10 ms due to the latency. Now you play your guitar note at the EXACT same time you hear the drum hit, but it takes another 10 ms for the guitar note to hit your sequencer. So, now there is a 20 ms offset between the actual drum hit and the guitar note; you hear this when you play the two tracks back.
As most players will lay down a track to a reference (e.g., drum part), all the subsequent overdubs are at least "in time" with each other, and you can always slip the original reference track late to compensate. But if the first track is drums, then you play percussion over that, then you play guitar while listening to the percussion and bass while listening to the guitar, the timing gets further and further off.
FYI one of the reasons I use Sonar 6 is because it now includes record compensation. Tracktion has included this for a while; I'm not sure about Cool Edit, but I doubt it.