Cool Edit Pro is an old program. The latest version is now called Adobe Audition, and has many updated features for more modern hardware. This version can handle 5.1 surround mixing using the Multichannel Encoder.
"You can preview your surround mixes on any sound card that has a DirectSound multichannel driver, and export the mix as a single 5.1 WMA file, one interleaved 6-channel WAV file, or 6 individual mono wave files"
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