Have i done it right or do i need to do more
 

I have downloaded tracks from album xxxx
into folder and zipped the folder and added the folder to be shared. I named the folder xxxx entire cd .

Should the zipped folder be available for others to download now or do i need to do anything else.?

That sounds fine! Have a look at your LW Library window & see if it's listed as red or black. If red then press the refresh button & LW will reaccount all its shared files including new ones. Once it's finished the file should then be listed in black text. Another alternative is to use Albumwrap but some people don't like the idea & from what I've read, once the songs are extracted they won't have their original names. But I don't know.