You can turn audio clips into loops by selecting the clip (click it with the Smart Tool), then open the Inspector (press I on your keyboard), click the Clips tab at the top of the Inspector, then select Groove Clip and check off where it says Looping. Now that clip can be dragged out (hover over the end of the clip and drag it) and it will repeat.
You can do this with parts of clips as well. Range select the area you want to loop then follow the instructions above. It will snip of the ends so you should probably clone the track first and do it in the new track.
There are other ways but that seems to work and it's relatively easy..