Recordiing audio input for static looped playback can be done, but you need midiStroke to get at it from MIDI foot pedals, as well as getting at the delete button to pull off a "undo" function.
Sound-On-Sound style overdub layering looping with feedback control has not been possible with Live, unless you run the excellent tape delay simation AU plug-in Augustus Loop as "the looper". That's really cool because you can also play the pitch of the loop by MIDI (MIDI keyboard, MIDI guitar or simply sending MIDI notes from pedals).
Since Live 5 there is also the built-in Ping-Pong Delay that now comes with a Freeze Loop function. Look for the little "F" in the plug-in window and assign any MIDI event to switch the Freeze Loop on or off. I think you can only get two bars but feedback overdubbing is working fine.
Greetings from Sweden