Hey - been a while since I was on the board but I had this thread set to notify and it's just come back to life! Here's a little tool that I've been using for a few years now. It's pretty self-explanatory and will help you do the math behind the resampling required to bring things back into alignment. I've found that once you know the relationship between two devices it's pretty consistent. I used to do multitrack on separate devices. Now the only time I use it is to match up separate audio and video (synch to the camera's crappy audio and your good audio will match the picture).
Here's my experience with some different approaches.
Stretching - I have not found stretching to sound very good, although Wavelab was much better than CEP/Audition. Neither allow the precision required. I seem to recall wavelab ignores everything after the first decimal point, or maybe didn't even use the first decimal point.
Cutting / matching - your always drifting off and then realigning so you're never really on the mark. Weird phase artifacts are introduced.
Deleting samples - similar to above
Resampling - the way to go. If you think about it, the original event occurred over the same duration to both machines. If one is shorter, it's being played back faster and the pitch will be slightly up. Resampling to an adjusted rate but then playing back at the 44.1/48k playback rate should bring the pitch back on while addressing the time drift issue.
R8Brain is free and really good at it. Always max out the quality settings...there shouldn't be any rush for this kind of work! Let me know if you find the worksheet useful.
david