Anyone out there using Cakewalk Esssentials latest version to record Live instruments?

i have a variety of stringed instruments along with a digital piano(DGX 530)-i'd like to know if i can use Cakewalk Essentials latest version to record vocals using my piano along with my acoustic elec. guitar. i know i can record my actual playing on the piano but what do i need to mix other instruments and recod a cd if i so desire. Btw  I have Cakewalk Sonar Essentials ordered. Any info. would be greatly apprec.