"Can I import songs off of cd's and is there away to seprate out the tracks from a mix down"

Insert CD and click on CD-ROM(refer screen shot) then on the right side all tracks will appear. Left mouse click and drag n drop the desired track or item on the arranger.

Note: when you insert cd and if it start or open automatically just exit. 

You may also get message in Music maker when you drag and drop the item such as Auto Patcher, The audio material to be imported does not contain an ascertainable tempo nor bar information. It can be checked according to tempo and bar position etc etc. Proceed as you like.

By Mix down if you meant third party finished song then it is not possible.(Follow copy rights)

Other than CD-ROM File Manager is also use to access media on computer.