Michael,
The POD Studio UX2 comes with Ableton Live Lite 7 which provides 8 tracks of audio and 8 tracks of MIDI.
This rendered .WAV file can be imported onto a single track in a new project.
Audio from your project can be rendered to a .WAV file, not mp3.
The project files are saved as Ableton Project files, but like mentioned above, the songs can be rendered to .WAV, and imported to a single track so that you can add to the other tracks in your project.
Regards,
Line6Hugo