Yes, you can do alpha/theta training with the BrainMaster.

 

The built-in protocols "deep" and "deep2" do alpha/theta training.

You can use the built-in MIDI and reward sounds for alpha/theta training.

You can also use the EEG Audio component (optional, comes with MMP) to do overlapping sounds including babbling brook, surf, bings, and bongs, for "traditional" alpha/theta training as done by Bill Scott, the Othmers, etc.