Unfortunately, the overdub feature on Live only appears to allow looping of MIDI, and not incoming audio, though I guess you might be able to find a VST plugin that would do the same thing within Live.
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Speaking of toy-looking electronic music gear, and Korg...
Korg really wants you to downsize your studio with its new lineup of miniature controllers, dubbed the nanoSeries.
I'm planning to celebrate my birthday Wednesday through Sunday this year.