I'm tracking vocals, all in one track but separate layers.
Can they each be named?

I'm using Sonar 8.5.3.282 Producer 

no I pretty sure. 

What I do is create a vocal track, set all my parameters, then clone it a couple of times. So I'll have 2 or 3 tracks side by side all ready to record to. 

 By simply arming each track you can carry on through the song re doing parts you were not happy with and then it's easy to comp a "best" track. I do this for all vocals, guitar and bass tracking. 
I find it too easy to get lost in the layers method. Soanr has unlimited tracks, use them. 
Cloning is just good way to make sure all those tracks will be set identically. It's faster.  

I found that doing it in separate tracks used more of my CPU but when I do it in layers it doesn't. It also makes for a more streamlined work area. I guess i'll have to just name the clips being recorded but i was hoping for a better way. " Take 1, Take 2, etc"  Thanks for your help. 

Not near my DAW right now, but from memory, right click on the take clip , select properties and insert whatever name you like.

Audio does not put a load on your CPU. Soft Synths and efxs do. 
So I'm not sure why you thought that was happening. 
Playing 24 tracks of audio was possible on a 600 Mz processor back in the 90's. Hopefully you have a better machine now.