Simultaneous edit and recording

Hi all,
I want to streamline my workflow and reduce the number of workstations running in my studio.

I have a new machine with an 8-channel audio interface.
I have some long-form analogue audio to digitise from four different stereo sources.
I want to assign each source to different pairs of input channels, i.e. Source 1 = ch1 & ch2, Source 2 = ch3 & ch4, etc and record them simultaneously.
If Source 1 finishes before Source 2 and 3, can I stop recording Source 1 and edit the audio while Source 2 and Source 3 are still recording?
Or, is it possible to run 4 separate stereo recording streams on a single machine running WaveLab?

My apologies, I am new to WaveLab, my experience is using Pro Tools, which would not allow you to do this.