Delete old takes after merging
Check this box to have Cool Edit Pro automatically delete any unused takes created during a Punch-In when you select a take to go with. If this setting is off, unused takes remain available to the Session (in the Insert menu) and occupy hard drive space.
Crossfade Time
This is the amount of time (measured in milliseconds) over which crossfading occurs when a take created using Punch-In is merged back into the surrounding waveform.