Theres also the issue of storm modification of the ingested CAPE environment, depending on whose theory you believe, which is so far below the model or radiosonde scale that its really impossible to take any real meaningful CAPE value. So even in a marginal environment the actual CAPE experienced may be well above what the environment might otherwise indicate. In essence CAPE is just an indicator of instability, probably one of the better ones (say compared to a fixed layer index like LI). There is a huge issue with what I have seen thus far in this thread and its the concept of balance. For the type of storms the majority of us seek to chase the instability is just one piece of the puzzle. Seeking out the highest possible CAPE is also not the answer, especially in a weak shear environ (storm goes up, storm goes down). I've seen real rapid rotating supercells in what would technically be a warm season environment with only 700 CAPE, granted they were balanced by 40 knots of shear, but realistically the CAPE becomes academic...If instability exists, if a trigger exists and some sort of shear is juxtaposed upon it there is a potential for convection, and then I worry about balance and mode to ascertain if its worth my while. The same can be said for any day with CAPE over 3000, these environments just become academic all you really need to ascertain for this is there is a crapload of energy there. Sure, there are cases where you get an exceptional CAPE value doing some incredible things with not that bigger shear, but the environment still balances (Vis. Bowdle, Jarrel, Plainview)...generally these cases are the exception rather than the norm.
As Greg above says, CAPE is Convective Available Potential Energy, rarely entirely realised (and definitely not without the presence of VWS) and a theoretical conception of the energy available within the atmosphere. Like all indices its a reasonable way to get a picture but the numbers probably aren't going to be listened to when a storm surprises you by changing the rules

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I suppose on a more grand conceptual front you have the basic idea there, storms are a means to an ends of mixing instability resulting from the differential between the surface and upper troposphere. However, the model you seem to suggest is that upon consuming just its local environment the storm would collapse as it mixes itself out? By generating that lift the storm causes convergence, air rushes in from nearby to fill the void. Provided the storm can maintain its updraft, it continues to feed and cycle this air until such time as it becomes unavailable. The inflow level winds can also accentuate this (think turning on gas, running a richer mixture into your engine).
Personally I would take CAPE and just use it to get a picture of the instability side of things, make your decisions based on the combination of ingredients and a trigger, and not just one variable.
Hope this rather rambling post helps.