try double clicking the meters on cool edit, then it should show up and allow you to see your levels coming in.. but with your UA-5, why don't you run digital transfer in, i can't get my ua-5 to work right with cool edit pro 2.0, but it worked recording in CD wav, and wavlab, if you don't have wavlab i suggest you get it, I like cool edit pro for doing my own personal multitracking, but i always use wavlab to transfer shows. hope that helps. peace.
matt