new and free in os 1.2 for Octatrack is the new looper, quote from their newsletter:
Elektron has released OS 1.2 for the Octatrack. This major OS update adds, among other things, the Pickup machines. Pickup machines make the Octatrack function as a looper. Record, overdub, loop, reverse, time stretch and pitch shift loops on the fly. Automatic sequencer to loop sync makes it easy to blend pre-programmed Octatrack patterns with recorded takes. Pickup machines are great tools for guitarists, beat boxers, DJs and in general anyone wanting to experiment with loops.
For a detailed tutorial on how to use the Pickup machines, Elektron has uploaded Octatrack Know-How #8. It can be seen here.
Forum: Elektron Octratrack