Depends on what you want to do.
I've used my miniDisc recorder as an "audio camera" to save what I'm doing. The idea here was to remind me of a "work in progress" although I have successfully "restored" a loop from the miniDisc (i.e., played the loop back into the EDP). I really love my miniDisc recorder for this kind of thing.
If you have more equipment, you can make this process quite automated. The EDP can be set-up to generate a MIDI note-on event at the end of each cycle. Your equipment can watch for this and capture the current loop (by recording the EDP audio out). You can also do the reverse and automatically transfer the captured loop back to the EDP under MIDI control.