The reliability measures of a two-unit cold standby system are evaluated considering the ideas of inspection, repair and preventive maintenance of the system. A single repair facility is provided immediately to conduct repair activities. Server inspects the unit at its failure to see the feasibility of repair. If repair of the unit is not feasible, it is replaced by similar new one with some replacement time. The failure time of the unit follows negative exponential distribution while the distribution of inspection, preventive maintenance time, repair time and replacement time of the unit are taken as arbitrary with different probability density functions. The repair activities are perfect. All random variables are statistically independent. The system has been analyzed stochastically in detail using semi-Markov process and regenerative point technique. The behavior of some important measures of system effectiveness has been observed graphically giving particular values to various parameters and costs.