This link might help with your recording problem... look into the background applications section and try the suggestions there.
Also download and install
ASIO4ALL to help out with latency/synch problems - It gives your soundcard ASIO capabilities and should work with Cool Edit ( if you it as your recording device in the audio preferences of Cool Edit).
The combination of those should hopefully sort it for you, let us know how you get on.
cheerz
Mick