There is indeed an option to show latest threads on the CMS. It's called the "Latest Thread Widget" and you put it on the CMS layout wherever you want. It is not enabled on vbulletin.com.
If you go to my website:
http://www.qapla.com/mods/content.php
It is enabled under the article. I changed the title to "Latest free vBulletin Mods" but it is the standard "Latest Threads" widget- I simply limited it to pull threads from my mod forums.
I could choose any forums (or all forums) to pull threads from, and how many threads I want to show.