The solution presented at the following link describes how to frequency modulate a DC-20Hz signal onto a relatively high carrier frequency to get through the soundcard's AC-coupling capacitor, and then demodulate the signal in software using Matlab.
Unfortunately I don't have Matlab, only Cool Edit Pro. If possible, what sound editing functions are needed to demodulate the FM signal, and what would the procedure be?
For example if I were to demodulate an AM signal in CEP, I would use the "Distortion" function to chop the negative half cycles, then use the "Filter" function to filter out the remainder of the carrier.