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Here's a video demoing that. http://www.youtube.com/watch?v=BtXyfHP7LW8 Quoting Andrew Koenig <ark@acm.org>:
Elektron today announced version 1.2 of their Octatrack operating system. Among its many new features is the ability to use it as a looper: Any one of its eight tracks can be assigned a "Pickup machine," which allows real-time recording, playback, and overdubbing. When you've recorded a loop for the first time on a pickup machine, you can make that loop the tempo master, which means that all of the other tracks will be time-stretched to play in sync with it. That lets you, for example, record a loop with a live instrument, then later bring in a drum track in perfect sync with what you just recorded. Details here: http://www.elektron.se/products/octatrack