I came across a program called Mobius recently. I've been looking for a cheap, functional looping device for a long time. Last night it popped in my head, "if my computer can function as a DAW... Why can't it function as a looper as well?" So I went on a Google search to find a software looper.
And my search went well, very well indeed. Mobius is a fully functional stereo looper that sends and receives MIDI data as well as audio. It requires that you have an ASIO approved interface for it to work seamlessly. I used it last night and... Wow, I am blown away.
Now all I need is an electric guitar again and I will have my one man band operation going. The Little Phatty, my guitar gear, Reason, Pro Tools, and Mobius. This is going to be amazing.