I have taken the feedback on board and developed the concept further; as the word 'cool' is repeated 8 times in the song, I decided that my design will have 8 different layers of warped type. These can be seen below.
This is what four of the layers looked like when applied. I think this is really successful, and I'm going to add colour now before adding the other four layers.
I tried different versions with different colours, however I have settled on the dark and light blue design as it reminds me of being near a pool or the ocean on holiday.
I then added the other four layers. I decided to make them outlines of the warped type and reflect them below the main type, as when I pasted them into the artboard, it reminded me of the kind of reflection you can see in pools and the ocean when on holiday. I'm really pleased with this final design; I think the concept is very strong and the actual design work is also very strong.
Here's what it would look like if it were made into an actual record sleeve.