Good answers gaffa.
Every Cakewalk version I have seen has a Re-sampler in it, look around. But you may want to look into getting some software specific for audio mastering, like Steinberg's Wave Lab. Wave Lab has an excellent re-sampler.
It is a good idea to back up your work. You know the old saying on computers; if it don't exist in at least two places, it is not safe.
32 bit is no problem, when you burn the disk, I believe that the 16 bottom bits will get lopped off. But this is not a good idea. Also, they are not true 32 bit files, because I have yet to see any 32 bit converters on the market specifically for audio uses. It would rather expensive.
It sounds like you have quite a learning curve ahead of you. I would really bear down and start reading. You are going to not only need to figure out ALL of the capabilities of Cakewalk for audio, but you need to get up on other aspects of digital audio.
.cda is actually .cdda (compact disk digital audio). Your authoring software converts the .wav, or .sun, or .raw file that you choose to burn to disk as a .cdda file from it's format on the hard drive to .cdda . .cdda can only currently be 16 bit 44.1KHz sampling rate. So no matter how you are recording your audio to the hard drive, it must wind up 16/44.1 before your authoring software can burn a .cdda file to the disk.
Like I say, start reading posts on this site, and also check out the helpfull tutorials on the main page,
www.homerecording.com to learn more.
Ed