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The Cakewalk VST Adapter opens studios up to hundreds of available freeware and shareware VST effects plug-ins and VSTi software synths readily available on the Internet. Additionally, Sonic Foundry and Cool Edit Pro customers can now use the Cakewalk VST Adapter to extend their studios to include VST audio effects.
I'll 2nd Cool Edit Pro as long as you have it anyway.but get the Cakewalk VST adapter and get some better EQ and Dynamics plugs. I use Voxengo and Sonitus (from Cakewalk) mostly but sometimes use, T-Racks (plug & standalone), Har-Bal standalone parametric EQ.
Or go the Magix 'Audio Cleaning Lab 2005' route and for $40 get a bunch of effects and CD authoring layout similiar to what I have in CD Architect.except for the redbook PQ manipulations. Either way you can make some very good home demos - assuming the tracking and mixing is good quality too! If you want this for heavy distribution, production run, or glass master kind of thing then maybe one of the mastering guys will have some pro recommendations. Cool Edit Pro is very versatile once you learn to get around in it. In the Effects/Amplitude/Dynamics menu (where the compressors reside) it isn't immediately obvious that all the parameters are tweakable. Click on the 'Traditional' tab and you'll see what I mean.I have T-Racks mastering software but I only use it for temporary mixes so people can get an idea of where we're going.
T-Racks is OK, but everything useful is pre-set and that's a difficult way to learn the ropes. For the final mix I use Adobe Audition 1.5 (but it's still Cool Edit Pro in my heart =sniff=). There are a lot of compression/limiting/EQ tutorials around. You might also look into Recording Magazine which frequently has walk-throughs on such things.