argileh,
First off, the glue you have will work just fine. You can also use Elmer's Carpenter's Glue too with no problems.

Second question, no you cannot use this glue like CA. CA is designed to wick into the joint between the two pieces and then bond them. With Titebond you are going to have to apply the glue to both sides of you joint and then join the parts together. Make sure you wipe off the excess glue that seeps out when you join the pieces. It's going to take about 30 minutes for the bond to dry to the point where you can handle it. The parts will have to remain undisturbed while the glue is setting up.

Hope this helps

Ken