No, CB uses a specific version of jQuery because we have yet to update all of our usages to meet the latest releases needs. Latest releases of jQuery have dropped backwards compatibility for a lot of usages which would cripple CBs jQuery. CB also runs its jQuery in a deep noConflict usage, which gives it its own namespace. This mans CBs jQuery should be fine running alongside another version of jQuery without conflict.
CDNs are not a good idea. You're loading an external library so you're limited to the speed of their servers. If their servers go down or slow down it affects you. Always run your own local copies for best speed. CDN will never be faster than local copies. You can also compress files manually by using the below site if you need files to be smaller.
refresh-sf.com/yui/
Realistically none of this particularly matters speed wise anymore. Most are on high speed connections of at least 1mb/sec and won't notice a few KB CSS/JS files loading in. In addition to that once they do load in they become browser cached on the clients computer so subsequent loadings will be quicker.