Recording with Kontakt5

Hi guys, so i love cubase and all and im very interested in teaching more. Im wondering how you guys mix with kontakt 5. I would like to know if its possible to first make a midi track togheter with kontakt and record, and at the same time recording it into an audio track?

I would like to be able to tweak settings in kontakt 5 library while it records. And then do the mixing afterwards in audio channel.

Would love to hear some from you guys here, i want to master this!