LOOP is the first software ever developed specifically for Live Looping, a now common technique to record phrases in real time and play and record over them.
Before LOOP, live looping was done by accepting a constant loop time, either trying to adapt the music to that speed (usually just possible with short loops which get boring soon) or leave the loop arrhythmic. Thats why it was mainly used for ambient music (Robert Fripp...) or some base rhythm (Pink Floyd...)
Most of the functions in LOOP came to me when I played with fantastic musicians like Marcio Miranda (Lomiranda) in Rio de Janeiro 1987.

Here is the story how LOOP came to life in the LOOP delay which then turned into Gibson's Echoplex.

Aurisis, a California based LLC is looking for new business opportunities. The company was founded to license the first dedicated live looping equipment ECHOPLEX Digital Pro (EDP) to Gibson Inc. The development started in 1992 and the last upgrade was done in 2002. Now the sofware is translated to C++ and can be built into new hardware...
Unfortunately, Gibson did not promote the EDP as we hoped and showed little interest in new models. So Roland took over most of the now quickly growing market. But they still did not copy many of the functions of our legendary LOOP software.
Ask the loopers: The EDP is deeper and flows better than any other loop tool. This is mainly due to its tape like memory structure. Not even the virtual copies of the EDP use this structure!
We just need to add multitrack capabilities, which is quite easy with modern processors!

Here some videos that show several livelooping techniques

Here many more videos with livelooping music!