Here I download a drum loop from Soundsnap.com and open it in Ableton Live 7. I then crop the sample and use the new Slice to Midi feature. Once done the audio is in a new Drum Rack with all the sounds on separate audio channels. I re-arrange the midi notes, add a Ping Pong delay and use the Drum Rack’s macro controls.
I’m really enjoying Live 7, Leopard and even iMovie which I used to quickly piece this together. Have you upgraded yet?