Upon further research it looks like fiddling around with and exporting audio loops is better done using the Loop Constructor view. IIRC what I described above does work but it has been a while so I'll have to mess with it more.
 
Here is the beginning of the Groove Clip/looping section of the manual (it goes on for a few pages so just click the next button to continue reading).
 
http://www.cakewalk.com/Documentation?product=SONAR%20X2&language=3&help=Looping.07.html
 
You can just drag the clip into a Browser folder or export normally but it looks like if you want to export in RIFF or Acidized Waves you would do it from the Loop Constructor. I haven't played around with that feature yet myself but have been meaning to so this will serve as a reminder/bookmark but hopefully it helps you too. It doesn't look very difficult at all.
 
Cheers.

Thanks Beep. I've read those pages from the manual a number of times already but something just ain't right.
I have a nice clip and go to the context menu but the Groove Clip Looping Ctl-L is greyed out.
Same in the Inspector. It won't allow any parameters to be changed in the Groove Clips part of it.
So I don't now. It's got me beat.
I even tried Craig's article in SOS from Sept 2005 http://www.soundonsound.com/sos/sep05/articles/sonartech.htm
Couldn't get that to work either!

Huh... that's weird. It's just a normal wav clip? Have tried recording another clip to try this on? Is there anything weird about the audio file itself? I seem to remember having a problem with the Loop thing being greyed out a couple years ago in X2 but for the life of me I cannot remember what was going on or how I fixed it. Maybe there is a setting in Preferences somewhere or in the Inspector preventing it. This sounds like something to ask the Sonar forum dudes/dudettes or if all else fails Cake support.
 
Sorry it ain't workin' for you.
 
Good luck.

Yup. Just a normal wav. No processing, no nothing, straight off the mic. Tried searching in Preference, but can't find anything that seems to be related.

Rather than try to work with the clip in the source track, I like to copy the clip(s) to a new audio track. This isolates the clip, and makes it easier to see what you are doing.
Use the selection tool, not the smart tool.
Right click the new clip and select Groove Clip Looping.
You should see all four corners switch from square to angled.
Now, right click the clip, and open the Loop Construction View. It should be fully functional.
Pay particular attention to Beats(in clip). It is most likely wrong.
Be sure it matches the number of beats in your source clip.
Save the loop in the Clip menu in LCV.
You will need to switch to the smart tool to drag your loop out and have it repeat.
Hope that helps.
 

optimus
Yup. Just a normal wav. No processing, no nothing, straight off the mic. Tried searching in Preference, but can't find anything that seems to be related.

I'd submit a support ticket because something ain't right. Shame you are in Australia (well that's actually kind of awesome but sucks for support) because phone support would be long distance.
 
Basically... I got nuthin'. Hope you get it sorted. Cheers.

WooHoo.
I think I've cracked it!
Thanks Beep and RobertB. It seems that the clip in question first needs to be bounced to itself.
Then the context menu works and everything becomes good.
Once again guys thanks for your patience.
 
Cheers

optimus
WooHoo.
I think I've cracked it!
Thanks Beep and RobertB. It seems that the clip in question first needs to be bounced to itself.
Then the context menu works and everything becomes good.
Once again guys thanks for your patience.
 
Cheers

That still seems weird unless you had some kind of RegionFX or open audiosnap changes active on the track (in which case I believe you do need to bounce the changes) but I'm glad it worked out for you.