Cubase 5 for live looping?

I would like to be able to use Cubase 5 with perhaps a foot controller to repeat a predesignated section of a recorded track.
I perform live with Cubase and would like to be able to extend a track live (extra choruses or bridge)
It would also be great if I could do live recording … Is this possible?
If so maybe someone could steer me in the right direction…
I was looking at ableton live, but don’t have $ for new stuff right now.
Thanx much!