I want to use Course Lab to produce a training CD that I'd like to sell, does the license/terms of use permit this?

Hi Mike, There is a set of terms and conditions hidden away somewhere though I can't remember where :(
However the license is pretty open on what you can do with the results of your work. You are allowed to give it away or sell it as you wish and there isn't a requirement to credit Courselab as the production platform; I usually do somewhere though.
Essentially it's a normal BSD type licence.
What you can't do is reverse engineer the core software.

"You acknowledge and agree that the Software, including but not limited to the source code, the structure and organization, in its entirety and each part of it, are proprietary to WebSoft and/or its partners and that WebSoft and/or its partners retain exclusive ownership of all right, title and interest in and to the Software, documentation and trademarks.

Notwithstanding the foregoing, WebSoft shall in no event claim ownership rights to new and original learning material made by using the Software. "