Yes, you can drop a wav file into a cell in the Groove Matrix, or drag it from the timeline, and it will loop over and over.
Matrix View works a little bit like Ableton's Session View.
You can also select just a section of a wav in the track view and Ctrl-drag/copy only the selection into a cell, without cutting it first. You will need to enable "Groove-Clip Looping" (Ctrl-L) for the selected clip in track view if you just want a selected part of the clip to copy, else you will be bringing the entire clip into Groove Matrix, not just the selected part of it.
So that works if you just need to loop few seconds of a 10 second clip.