Livid Instruments have released the Livid Looper, a freeware open source audio looping tool.
The Looper has been created in Max5 so it is possible to adapt and modify the original software to suit your exact needs.
taken from the website:
"Designed to emphasize simplicity and hands-on control, short loops of audio can be sliced, diced, scrambled, and transformed with built-in and VST effects. Gesture and Segment sequencers record synchronized loops of knob and button presses, locking effect changes to the loop. Quantized actions and automatic pitch shifting ensure all your loops stay in tempo. Interact directly with the waveform to sculpt your sound, or use the auto-segmenting feature to break it up into equal chunks. MIDI learn is available for any control, and simple knobs provide complete control over the sound of any loop.
• Up to six files loaded in each looper for quick recall and playback
• Loop is automatically pitch shifted to match the BPM
• Automatic segmenting for slicing up a loop
• Interactive waveform display for arbitrary loop selections
• Assignable to crossfader
• Record live audio and instantly loop it
• Multiple audio effects, including a VST effect
• Granulator for scramble or time-shift effects
• Record up to 8 synced sequences of knob turns and effect changes
• Record up to 8 synced sequences of segment and file changes
• All actions are quantized to the master BPM
• Easy MIDI learn function
• Tight integration with Livid's Ohm controller
• Free of charge and open source (developed in Cycling 74's Max/MSP)"