Saving MIDI and audio loops separately

I have X3, and it's been a very long time since I used any of my Cakewalk programs.  I've kept updating up to X3 with the intention of getting back to it, and now it's progressed so far that I need to start from the beginning.
 
One thing I would like to know is the way to create a MIDI or audio loop inside of a project, and save just the loop as a separate file in a library of self-made loops to use in other projects.  Back with SONAR Home Studio, I seem to remember a simple right-click and save method, but I tried that in my X3 and it didn't even offer the option.