heres how i got mines working... some dude posted up this on another forum and it worked...
First Connect a MIDI OUT CABLE From your MPC to your PC's IN. Then SETUP your MPC to Transmit MTC and MMC(midi time code,midi machine control). this is in the MIDI setup section inside your MPC.Make sure the channel you ask your MPC to transmit the codes, such as A or B, corresponds to your Cable going to your PC.
NOW Slave Cool edit to MTC aka MIDI TIME CODE...By going to OPTIONS inside the Multi track view and scroll down to SMPTE SLAVE ENABLE...(oh! dont forget to make sure your midi setup inside cool edit is correct, suchas the right devices..goto Device Properties inside OPTIONS if you havent set up your MIDI ins and OUTS)...Once you've Selected SMPTE SLAVE ENABLE, a little text message will come out on the lower left hand corner reading "OPENED MIDI INPUT/SYNC"
........Hit Play on your MPC...It should Trigger CEP also to play and run in sync...
If all is set correct you can now Record your induvidual tracks into Cool Edit by Enableing Record on a track(in CEP) and Hiting PLay On your MPC...Then Mix Inside Cool Edit...
PS...I know it says "SMPTE SLAVE ENABLE" and your thinking "But im not transmitting SMPTE"...ahhh CEP will Convert SMPTE to MTC
that is the Trick!