Unfortuantely I'm new to Serato Scratch Live and just wanted to inquire if there is a program or feature that comes with SSL that enables you to record your live mixes and then be able to burn it on to cd? Would be greatly appreciated if there is anyone that can answer this question ....

No, there is no option to record your sets. To record sets you'll need another soundcard (either your built-in internal one, or an external card), and use another recording program.