Yes in that you are changing the verb to take and making rest a noun.

Well, not really, since there is a specific word for "relax"; the word "relaxar".

Eu relaxo. :)

Hi nucleonide! Not really, because that is a specific English expression that we don't use in Portuguese. At least not that I know of. =)

Not that I've heard of. "I am out of work" as in "I am unemployed" translates to "Estou desempregado."

But is is possible that you meant another type of out of work. You can for example say "terei uma semana de descanso em maio" for example, to mean "I will have one week of rest in May" as in a break from work (with the intention of returning to it).

Estou descansando. =)