How many times will you be recording over the loop ?
You can always just duplicate the audio manually in Audacity. This is fairly easy to do:
For example, if your entire track consists of the audio you wish to loop:
Use Ctrl-A to select All audio (here, were planning to loop all audio).
Click the Skip-to-End, then Ctrl-V to copy the original audio.
Repeat step 2 a total of 7 times.
Use mix and render to remove split marks.
Repeat steps 1 - 4 a couple of times.
If you start out with 1 second of audio to loop, one pass will give you 8 seconds, two passes will give you 64 seconds (about a minute). Three passes will give you 8 minutes, and Four passes will give you an hour.