We report on a quantitative investigation of the spin-dependent quasiparticle lifetimes and electron correlation effects in ferromagnetic hcp Co(0001) by means of spin- and angle-resolved photoemission spectroscopies. The experimental spectra are compared in detail to state-of-the-art many-body calculations within the dynamical mean-field theory and the three-body scattering approximation, including a full calculation of the one-step photoemission process. From this comparison we conclude that although strong local many-body Coulomb interactions are of major importance for the qualitative description of correlation effects in Co, more sophisticated many-body calculations are needed in order to improve the quantitative agreement between theory and experiment, in particular, concerning the linewidths. The quality of the overall agreement obtained for Co indicates that the effect of nonlocal correlations becomes weaker with increasing atomic number.