Q: can i buy a cd on my acct and e-mail to a friend has a gift

You can gift content from within the store, you don't buy it so that it downloads onto your computer and into your library, it's done directly in the store : http://support.apple.com/kb/HT2736

They will then be able to download it on their iTunes account

Your friend will need to be in the same country as yourself i.e. you can't gift content to somebody whose iTunes account is based in another country.