Cool Edit can be used for adding drum FX? I thought it was primarily used for sample/track manipulation?
Any way, Hammerhead Rhythm Station, while fairly basic, can still be used to make some cool beats. Plus, there are tons of sample banks on its website.
I just use FL Studio for all my music production. Then again, I don't play guitar.
Great music program, really, it has a fantastic drum machine device in which you can create and customize your own beats in a very realistic manner. There are also multiple filters like echo and reverb, chorus, flanger, phasing and multipass etc etc.