If I understand the babble this is what to do:
Rip the CD track and insert the wave file into CEP2 in the session view...then enable record on track 2 and record yourself...
Some things to keep in mind -
First - you need headphones and those need to be plugged into the device you are sending Track 1 to. So the output button needs to show the soundcard to which the headphones are plugged in...
Second - you need a full duplex soundcard to do this...most are these days - but I have no idea what you have...