A two unit cold standby system is analyzed stochasticly by considering the ideas of maintenance and repair of the units. A single server is provided immediately to handle repair activities. The cold standby unit under goes for inspection at the failure of the operative unit to see wheater it is fit for operation. If standby unit is not fit for operation, its maintenance is conducted to make it functional. The inspection of the unit at its failure is done to examine the fesibility of its repair. The unit is replaced immediately by new one if its repair is not feasible to the system. The random variables associated with failure time of the unit, maintenance time of the standby unit, inspection time and repair time of the unit are statistically independent. The distribution for failure time is taken as negative exponential while the distributions for other variables are assumed as arbitrary. The repair activities are perfect. The expressions for various reliability characteristic are derived in steadby state by using semi-Markov process and regenerative technique. The graphical behavior of mean time to system failure (MTSF), availability and profit function has been observed for some particular situations of the parameters.