Yes, you can burn CD's with Peak. The old version (3) had to use Toast to accomplish it. The new version (4) uses OSX's abilities, though it still does come with Toast Lite. For two track editing, I think Peak is great. I don't use it for mastering, but if you've got some good VST plugins, you could probably do some damage (good or bad!) with it, as mastering really should be left to the pros (and usually some fine hardware) IMHO.