I don't think it should be said that Cole was the Source; in Season 4 the Seer always referred to Cole and The Source as two separate entities. Such as when it's said Cole's love for Phoebe could prevent the Source from taking over Cole. I think Cole, like the golem in the comics, merely served as a Vessel to house the essence and powers of the Source. Cole was never the Source, he acted as a house for the Source's essence; the essence gained control of Cole, possessing him in a sense.

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