Right-click the track in Cool Edit Pro. Click "Edit Waveform."
Find a section of the track that contains only background noise. Highlight a section of noise by left-clicking and dragging over it. Click "Effects." Click "Noise Reduction." Select "Noise Reduction" a second time. Click "Get Profile from Selection." Click "Close." Double-click the track to select the whole track. Click "Effects," then "Noise Reduction," then "Noise Reduction" again. Click "OK."
Move the mouse over the white line above the top waveform. The mouse-over will display a box that says "L." Double-click to highlight select the left channel of the track. Find any parts of the track that don't contain any recorded audio. Left-click, hold and drag to highlight each part. Right-click on each part and select "Silence." Move the mouse to the bottom white line below the bottom waveform. The mouse-over will now say "R." Double-click to select it; repeat the process for the right channel.
Highlight the entire waveform by clicking on it, holding "Ctrl" and pressing "A." Click "Effects." Click "Amplitude." Click "Amplify." Choose from "10 dB Cut," "10 dB Boost," "Pan" and other options to alter the volume of the track as desired. Clicking on the top left or top right of the top or bottom track, respectively, will allow you to edit the left or right channels individually.
Maximize the track's volume. Highlight the entire waveform by clicking on it, holding "Ctrl" and pressing "A." Click "Effects." Click "Amplitude." Click "Normalize." Click "OK." This will bring the volume up to its highest level.
Add compression to the track. Compression reduces the difference between loud and soft sounds. Highlight the entire waveform by clicking on it, holding "Ctrl" and pressing "A." Click "Effects." Click "Amplitude." Click "Dynamic Processing." Choose one of the options. Each option gives a different method of compression. Click "OK" when finished.
Equalize the track. Highlight the entire waveform by clicking on it, holding "Ctrl" and pressing "A." Click "Effects." Click "Filters." Click "Graphic Equalizer." Drag the sliders to increase or decrease the treble, mid-level and bass frequencies as desired. Click "OK" when finished.
Add reverb to simulate a room environment. Highlight the entire waveform by clicking on it, holding "Ctrl" and pressing "A." Click "Effects." Click "Delay Effects." Click "Echo Chamber." Each option will simulate a different environment. Click "OK" when finished.