There IS a way to loop, sort of, but you'll be limited in the amount of tracks you can use, and you won't be able to loop existing recorded material. You'd have to build a loop from scratch, treating a single track more like a looping pedal.
If you use one of the built-in delay effects and set it so there's no decay, you can build up a live loop with whatever your input source is. It can be tricky to get the delay time set so you get the rhythmic properties you'd like, and it's a very crude way of doing things, but it can lead to some interesting sounds. I guess if you wanted to make various loops and play them off of one another, you'd have to stop adding to your first track at some point and set up a loop on another track in the same way. Alas, you'd be limited to doing this on either two or four tracks depending on your mixer's effects capabilities, and it could turn into total chaos after a while (but for me, that's half the fun!).