I've seen Mixcraft used to make loops before on different streama, but have no personal experience with it. It seems pretty easy to cut and splice audio sources though. Similar to doing it in Vegas for video. It has a fully functional 2 week trial though if you want to give it a try. I've just always used Audacity for audio editing.
I'd probably go the same way, I'm not one to spend money when I don't have to, even if it means a few extra steps. The only reason I even got Vegas was because I was doing a ton of heavy video editing monthly for a show.