Yo.....that CEP shit in that video dont work well....i tried that shit some years years ago......basically you need a condenser mic or a mic with good sound or you shit is gonna sound like asshole anyway....aint really shit you can do to make a computer mic sound good....anyway.....its been a while since i fucced wit CEP 2 so i dont remember exactly if its all the same but try this...
first record nothing but ten seconds of silence. once thats done bring it up in Edit View(double clicc on it) and go to Effects>Noise Reduction>Noise Reduction and clicc "Capture Profile". save that as profile1 or whutever the fucc you wanna call it....now record whatever lyrics or whatever you wanna record and for every take follow this...
-Noise Reduction>Noise Reduction>Load From File (Select profile 1 or whutever) and clicc OK
-Noise Reduction>Clicc/Pop Eliminator>select Hiss+Lots of Cliccs
-Amplitude>Dynamics Processing>De-Esser(High S)
-Amplitude>Dynamics Processing>4:1 Very Fast Attacc
-Filters>Graphic Equalizer this is where you gotta just kinda play with it til your vocals sound good. You dont want too much High end or Low end. i suggest setting it to the "Spit Clear" setting as a starting point and just work from there.
-Add any Reverb, Echo, Flange, Effects anything you want
-Filters>FFT Filter>Kill The Mic Rumble
Then play with you volumes and mix it to the beat in the Multitracc....its not perfect but it'll sound good enough to impress your internet buddies