Ive moved this to its own topic, as the USB Midi Controllers topic is solely for reporting controllers that work with axoloti.(and its big topic, just for that) , so this deserves its own topic.
what you want is definitely possible, many have built instruments with controllers... and a few examples of looping patches out there...
Im sure someone will be along soon to point you in the right direction
EDIT: ok, someone beat me to even posting this!