Very close.
What actually happens is when traffic hits the clicks software that sets the cook.ie we do two things. First we attempt to set the cook.ie and second we record ip information into a local database for ip tracking.
When the consumer hits the signup forms we first look for the coo.kie. If the coo.kie is not present we will attempt to match the ip information to information recorded at the time the consumer hit the clicks software. If the ip matches we use the affiliate code stored at the time the consumer hit the clicks software.
So in essence the IP track system is a backup utility. The coo.kie still takes precedence, but if the coo.kie is not found the ip track database is used to find the proper affiliate code.