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What exactly are you trying to do? Cooledit has no midi capabilities btw.
My hunch is that you confuse midi with digital audio?
In that case use the ASIO driver for Fruity.
Go Options...audio settings and set the output to M-Audio Delta ASIO.
If you're trying to record your bass in CoolEdit you need to make sure the settings in CoolEdit are correct and you need to make sure the settings on the M-audio control panel are correct. Then, you need to click on the little red "R" on one of the channels and then you need to click the record button. Then when your done, you need to hit the stop button. Then, you need to click on the little red "R" button again to disable the recording on that channel. Then, you need to go in the kitchen and make yourself a sandwich.