Yes. But I do care about keeping recordings, some can be momentary. OT is much more than a looper or a multitrack tape recorder.
From the manual :
SUGGESTED APPLICATIONS OF THE OCTATRACK
2.1.1 LOOPER DEVICE The Octatrack MKII is ideal for DJ’s and live performers. You will be able to quickly sample a turntable or other sound sources present on the stage and instantly play back and affect the recorded loop. Add pre- recorded loops and sounds to samples captured in real-time to take your performance to a completely new level. The real-time timestretch will make sure everything stays in sync.
2.1.2 RADICAL SOUND PROCESSOR The combined power of the sampling engine, the sequencer and the FX blocks makes the Octatrack MKII a very powerful audio mangler. This functionality is great when working in the studio and wanting to obtain unique sounds and textures.
2.1.3 BACKING TRACK MACHINE…
2.1.4 LIVE SETUP HUB…
2.1.5 REMIX TOOL…
2.1.6 EFFECTS UNIT EXTRAORDINAIRE Chained FX blocks paired with automated real time sampling can warble and twist incoming audio in ways previously unachievable by a single machine. Two chains, each with 8 simultaneous effects, can be active at the same time.
4 times! Sorry, but I can’t let it go : OctAtrack ! 
