While both are audio editing software, they have distinct origins and features:
Cool Edit Pro was a popular audio editing software developed by Syntrillium Software. It was later acquired by Adobe and became the basis for Adobe Audition. However, Cool Edit Pro itself is no longer developed or sold.
Adobe Audition 3 is a later iteration of Adobe Audition, which was built upon the foundation of Cool Edit Pro. It introduced new features, a more polished user interface, and improved functionality.
Therefore, while they share some common ancestry, Adobe Audition 3 is a significantly more advanced and feature-rich software than Cool Edit Pro.