Does the Imac have a slot for Cd/dvd's?

The current iMacs don't. Older iMacs have a slot on the right side, and in very old ones, at the front.

(80581)

The latest generation of iMacs, does not have a DVD/CD Player/Burner.

New models do not.

Yes. You can either use Apple's USB SuperDrive or buy a third-party drive which is listed as being compatible with Macs.

(80583)

Aggie254 wrote:

Is there an something externally that can be purchased?

Apple make an external superdrive and any other USB dvd/cd drive may be used if you choose.