Filter

The next step I do is to filter the whole file. You can do some fancy things with filtering in CoolEdit, but I am happy with the results from just filtering the low frequency rumble. Open the FFT filter from the Filters section on the Transform menu. Make a new filter like the one below.

The most important things to do for this filter is to make sure that it is flat to around 20 - 22 Hz and then drops down very fast. This way most of the bass from the record is preserved (certainly more than your speakers are likely to be able to play).

The results are very dramatic. Compare the beginning of the file in the 2 pictures below:

There is still a few clicks and pops visible, but the low frequency wiggles are gone. The next step is to...