Cool Edit Pro is now Adobe Audition.
Professional solutions include, in no particular order: Cubase, Cakewalk Sonar and Sony Sound Forge 9.0e. All great on 7. Go for Sound Forge if you will not be doing any recording. It's a great editor but can record too, though. The others are basically "studio" apps.
A really awesome program that nobody has ever heard of is n-Track Studio. That is definitely worth your time checking out.